IT QUIZZ

How many types of Income heads are there?

• 1

• 3

• 5

• 4

Does rent received from House Property situated in a village come under Agricultural Income?

• Yes

• No

Who is an Assessee?

To be an Resident and Non Ordinarily resident what condition must he/she fulfill?

• Both Basic Conditions u/s 6(1) and Both Additional Condition u/s 6(6)

• Any one Basic Conditions u/s 6(1) and Both Additional Condition u/s 6(6)

• Any one Basic Conditions u/s 6(1) and any one Additional Condition u/s 6(6)

• Both Basic Conditions u/s 6(1) and None of the Additional condition

Which section does Relative as per IT Act come under

(a)  

Profit from sale of car in New York received in Mumbai $5000

• ROR and RNOR

• RNOR AND NR

• RNOR, ROR AND NR

• EXEMPTED FROM TAX

Income earned in Australia and received there but brought to India $100000

• ROR & NR

• ROR

• RNOR

• ROR, RNOR & NR

Income earned or accrued in India is known as

(a)  

What all are exempted Income from House Property

• Rent from Let Out Property

• Income from store house used for agriculture

• House property for charitable purposes

• Self occupied but vacant home

• House Property used for Business or Profession

Under what head does Income from Sub- leading belong

• Income from HP

• Income from Other Sources

• Income from Capital Gains

• Income from Business or profession