Income Tax And Corporate Tax - Practice Test

[#121] If a money gift is received from which of the following is not taxable under any head?

(A) From any relatives

(B) On the occasion of the marriage of the individual

(C) Under a will or by way of inheritance

(D) All of the above

Correct Answer

(D) All of the above

[#122] Which of the following statements are correct? 1. 30% depreciation is allowed on neon sign board. 2. Animals are used for business purposes. Hence, depreciation shall be allowed on them. 3. For the purpose of taxation, there should not be and indeed there is no distinction made between legal and illegal business. Select the correct answer using the options given below

(A) Only 1

(B) Both 1 and 2

(C) Only 3

(D) Both 1 and 3

Correct Answer

(C) Only 3

[#123] Which of the following is the type of assessment?

(A) Self-assessment

(B) Regular assessment

(C) Best judgement assessment

(D) All of the above

Correct Answer

(D) All of the above

[#124] According to Section 2(7) of Income Tax Act 'Assessee' means a person:

(A) By whom any tax or other sum of money is payable

(B) By whom any proceeding under the Act has been taken

(C) Who is deemed to be an assessee in default under any provision of this Act

(D) All of the above

Correct Answer

(D) All of the above

[#125] Match the items of the List-I with those of the List-II and indicate the correct answer: List-I List-II a. Residential status of an individual 1. Section 10(13A) b. Agricultural income 2. Section 10(10) c. House rent allowance 3. Section 6 d. Gratuity 4. Section 10(1)

(A) a-1, b-3, c-2, d-4

(B) a-3, b-4, c-1, d-2

(C) a-2, b-1, c-3, d-4

(D) a-4, b-2, c-1, d-3

(E) a-1, b-3, c-2, d-4

(F) a-3, b-4, c-1, d-2

(G) a-2, b-1, c-3, d-4

(H) a-4, b-2, c-1, d-3

Correct Answer

(B) a-3, b-4, c-1, d-2
(F) a-3, b-4, c-1, d-2

Income Tax And Corporate Tax - Study Mode

[#121] If a money gift is received from which of the following is not taxable under any head?

Correct Answer

Correct Answer

[#123] Which of the following is the type of assessment?

Correct Answer

[#124] According to Section 2(7) of Income Tax Act 'Assessee' means a person:

Correct Answer

[#125] Match the items of the List-I with those of the List-II and indicate the correct answer: List-I List-II a. Residential status of an individual 1. Section 10(13A) b. Agricultural income 2. Section 10(10) c. House rent allowance 3. Section 6 d. Gratuity 4. Section 10(1)

Correct Answer