Income Tax And Corporate Tax - Practice Test

[#31] When the portion of the house is self-occupied for the full year and portion is self-occupied for the whole year, the annual value of the house shall be determined by:

(A) The full annual value of the house the proportionate annual value of self-occupied portion for the whole year shall be deducted

(B) Its present standard value

(C) All of the above

(D) None of the above

Correct Answer

(A) The full annual value of the house the proportionate annual value of self-occupied portion for the whole year shall be deducted

[#32] House property hold by a political party:

(A) Fully taxable

(B) Partly taxable

(C) Exemption allowed 50% of the annual value

(D) Fully exempted

Correct Answer

(D) Fully exempted

[#33] Which one of the following items is not allowed as deduction while computing income from business and profession?

(A) Fees paid to the lawyer for drafting partnership deed

(B) Loss due to embezzlement by an employee

(C) Legal expenses paid to protect the building of the business

(D) Cost of installing a new telephone

(E) Fees paid to the lawyer for drafting partnership deed

(F) Loss due to embezzlement by an employee

(G) Legal expenses paid to protect the building of the business

(H) Cost of installing a new telephone

Correct Answer

(A) Fees paid to the lawyer for drafting partnership deed
(E) Fees paid to the lawyer for drafting partnership deed

[#34] Which of the following will be considered as agricultural income?

(A) Income from live stock breeding

(B) Income from cattle breeding

(C) Income from juice centre

(D) Rent received from agricultural land

Correct Answer

(D) Rent received from agricultural land

[#35] Agricultural Income is exempt from tax under the following section of the income tax act

(A) Section 15

(B) Section 6

(C) Section 10

(D) Section 10(1)

Correct Answer

(D) Section 10(1)

Income Tax And Corporate Tax - Study Mode

[#31] When the portion of the house is self-occupied for the full year and portion is self-occupied for the whole year, the annual value of the house shall be determined by:

Correct Answer

[#32] House property hold by a political party:

Correct Answer

[#33] Which one of the following items is not allowed as deduction while computing income from business and profession?

Correct Answer

[#34] Which of the following will be considered as agricultural income?

Correct Answer

[#35] Agricultural Income is exempt from tax under the following section of the income tax act

Correct Answer