Unit – 8 – Quiz

A Person includes

Income Tax in India is charged at the rates prescribed by

When an URPF is recognized , the balance so transferred is called

The Residential Status of HUF depends upon the

Salary for exemption of leave encashment shall be taken as

Expected Rent is equal to

Assesse is having stock existing in the business. Valuation of stock will be at

The benefit of exemption under Section 54 is available when following capital asset is transferred

An assesse earned interest on post office savings bank account Rs. 6,000. Such sum shall be taxable under the head

Agriculture income received from outside India will be

Income accrued outside India and received outside India is taxable in case of ______________.

Profits of 2,00,000 is earned from a business in US which is controlled in India, half of the profits being received in India. How much amount is taxable in India for a Non-resident Individual

Srini an employee of MNC Ltd. Receives Rs. 30,000 p.m. as basic salary. In addition, he gets Rs. 10,000 p.m. as dearness allowance, not forming part of salary and Rs. 2,000 p.m as fixed medical allowance. His taxable salary is

The maximum limit of deduction under section 24(b) for interest on borrowed capital on or after 1-4-1999 for construction of
house property used for self occupation shall be 2,00,000 if

Mrs. Kiara owns a house property which is let out at Rs. 10,000 p.m. During the previous year ending 31st March 2018, she received
Arrears of rent of Rs. 30,000
Unrealized rent of Rs. 20,000.
Compute her income chargeable to tax under the head Income from House Property.

Assesse company incurred revenue expenditure of Rs. 15,000 for promoting family planning amongst its employees. Calculate the amount of deduction available

For claiming exemption under section 54EC the investment must be made in bonds of

XYZ Pvt. Ltd. gave a loan of Rs. 5,00,000 to its shareholder. The shareholder was the beneficial owner of equity shares of the company as he held 12 of the voting power of the Company. The company possessed accumulated profits of Rs. 3,00,000 as on the date of advancement of loan. What shall be the amount to be assessed as deemed dividend in the hands of shareholder.

A Transfer which contains any provision for the re transfer, directly or indirectly, of the whole or any part of the income or asset to the transferor, regarded as

Mr. X has earned salary income of Rs. 5,00,000 and he has suffered loss from house property amounting Rs. 2,00,000. Speculation business loss Rs. 1,00,000 Find out the gross total income

Sumanth & Co. received 3,00,000 as compensation from Ashwin & Co. for premature termination of contract of agency. Amount received is

From the following particulars of Income furnished by Mr. Chandra pertaining to the year ended 31-03-2018
(i) Profit on sale of shares of private limited Indian Company received in Germany 15,000.
(ii) Dividend from a Japanese Company received in China 10,000.
(iii) Agricultural income from lands in UP 27,000.
If Chandra is Non Resident what is his total income.

Arjun, a resident of Mysore, receives Rs. 25,000 p.m. as basic salary. In addition, he gets Rs. 10,000 p.m. as dearness allowance,
which form part of basic salary and Rs. 18,000 p.m as house rent allowance. He, however, pays Rs. 20,000 p.m. as house rent. The
quantum of house rent allowance taxable is

In case of specified professions, what is the minimum amount the Gross receipts should exceed in all of the three immediately preceding previous years or, where the business is newly setup, the amount that gross receipts are likely to exceed during current previous year, so as to maintain the books of accounts

Neha received rent of Rs. 60,000 from letting a residential building (in Mumbai) along with plant and machinery (letting out building is inseparable from letting of plant and machinery). She expended Rs. 6,000 for repairs and insurance of the buildings and plant and machinery. The WDV of building was Rs. 2,00,000 as on 1-4-2017 and the plant and machinery was purchased on 9th May 2017 for Rs. 20,000. Amount taxable is