Question 1

where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______

Accepted Answer

A) Crossed cheque 
B) Account payee cheque / draft 
C) Cash 
D) None of these 
A) Crossed cheque 
B) Account payee cheque / draft 
C) Cash 
D) None of these B

Question 2

Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______

Accepted Answer

A) Salary 
B) Other Sources 
C) Business / Professional Income 
D) Professional income 
A) Salary 
B) Other Sources 
C) Business / Professional Income 
D) Professional income C

Question 3

M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________-

Accepted Answer

A) Exempt as it is capital receipt 
B) Fully taxable as business income 
C) Taxable as income from other sources 
D) Intangible asset 
A) Exempt as it is capital receipt 
B) Fully taxable as business income 
C) Taxable as income from other sources 
D) Intangible asset B

Question 4

Interest on capital or loan received by a partner from a firm is __________

Accepted Answer

A) Exempt u/s 10 (2
A)  
B) Taxable as business and profession income 
C) Taxable as income from other sources 
D) None of the above 
A) Exempt u/s 10 (2
A)  
B) Taxable as business and profession income 
C) Taxable as income from other sources 
D) None of the above

Question 5

Which of the following tax is allowed as deduction while computing the business income________

Accepted Answer

A) Wealth Tax 
B) Income Tax 
C) GST 
D) TDS 
A) Wealth Tax 
B) Income Tax 
C) GST 
D) TDS

Question 6

Export incentives received by an assessee are __________

Accepted Answer

A) Exempt 
B) Taxable as business income 
C) Exempt up to certain limits 
D) Unexempt 
A) Exempt 
B) Taxable as business income 
C) Exempt up to certain limits 
D) Unexempt

Question 7

If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation___________

Accepted Answer

A) At normal rate 
B) At 50% of normal rate 
C) No depreciation is allowed 
D) Depreciation 
A) At normal rate 
B) At 50% of normal rate 
C) No depreciation is allowed 
D) Depreciation

Question 8

Salary, bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head_______

Accepted Answer

A) Income from Salaries 
B) Other sources 
C) Business income 
D) Salary 
A) Income from Salaries 
B) Other sources 
C) Business income 
D) Salary

Question 9

Depreciation is allowed in case of __________

Accepted Answer

A) Tangible fixed assets only 
B) Intangible assets only 
C) Tangible and intangible assets 
D) Wasting assets only 
A) Tangible fixed assets only 
B) Intangible assets only 
C) Tangible and intangible assets 
D) Wasting assets only

where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______

Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______

M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________-

Interest on capital or loan received by a partner from a firm is __________

Which of the following tax is allowed as deduction while computing the business income________

Export incentives received by an assessee are __________

If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation___________

Salary, bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head_______

Depreciation is allowed in case of __________

Income Tax: Important Concepts and Definitions

Taxation and Exemptions Related to House Property and Employee Benefits

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Exam 3: Taxation and Business Income: Understanding the Taxable Headings and Deductions

where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______

Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______

M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________-

Interest on capital or loan received by a partner from a firm is __________

Which of the following tax is allowed as deduction while computing the business income________

Export incentives received by an assessee are __________

If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation___________

Salary, bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head_______

Depreciation is allowed in case of __________

Income Tax: Important Concepts and Definitions

Taxation and Exemptions Related to House Property and Employee Benefits

Filters