Income Tax Law & Practice-II (Income from other sources)

Ms. Sitara is in receipt of family pension of ₹ 15,000 p.m. during 2021-2022. Income chargeable to tax for AY 2022-23 of Ms. Sitara is

• (A) ₹ 1,80,000

• (B) ₹ 1,20,000

• (C) ₹ 1,65,000

• (D) Nil

While making payment of winnings from horse race, the tax will be deducted at source, if the payment exceeds

• (A) ₹ 5,000

• (B) ₹ 10,000

• (C) ₹ 25,000

• (D) ₹ 50,000

A member of Parliament received ₹ 1,50,000 per month as salary and ₹ 4,50,000 as daily allowances during PY 2021-22. The taxable amount will be

• (A) Salary ₹ 18,00,000

• (B) Income from profession ₹ 22,50,000

• (C) Income from other sources ₹ 18,00,000

• (D) Nil

A lady received gifts worth ₹ 1,00,000 from her relatives as defined under the Income-tax Act, 1961, and ₹ 60,000 from her office colleagues on her marriage anniversary.The taxable amount of gifts would be

• (A) ₹ 1,60,000

• (B) ₹ 60,000

• (C) ₹ 10,000

• (D) ₹ 1,10,000

Amit received ₹ 70,000 being winnings from lottery after deduction of tax at source.

His gross winnings from the lottery to be included in the total income is

• (A) Nil

• (B) ₹ 1,00,000

• (C) ₹ 70,000

• (D) ₹ 30,000