Section 1-10 of Income Tax Act, 1961

2. Agricultural income is exempt under Section 10(1). However, for rate purposes, such income is considered for:

• A. All assessees

• B. Individuals, HUFs, AOPs/BOIs only

• C. Companies

• D. Trusts and societies only

1. Under Section 6(1), which of the following conditions does not determine the residential status of an individual in India?

• A. Stay of 182 days or more in India during the relevant previous year

• B. Stay of 60 days or more during the previous year and 365 days in the 4 preceding years

• C. Stay of 120 days or more in India for Indian citizens visiting India, whose total income (excluding foreign sources) exceeds ₹15 lakh

• D. Individual holding Indian passport residing outside India for 300 days

3. Under Section 9, income from interest, royalty or FTS shall not be deemed to accrue in India if:

• A. Payer is a resident and the services are utilized outside India

• B. Payer is a non-resident and services are utilized in India

• C. Payer is a resident and services are utilized in India

• D. Income is received outside India but agreement is approved by Indian Government

4. Which of the following is not eligible for exemption under Section 10(23C)?

• A. Educational institution approved and funded by the Government

• B. Hospital for charitable purposes approved under 10(23C)(via)

• C. Political party registered with the Election Commission

• D. Educational institution with receipts exceeding ₹5 crore, not approved by the Commissioner

5. Which of the following is a valid Previous Year for a newly incorporated company on 15th October 2023?

• A. 15.10.2023 to 31.03.2024

• B. 15.10.2023 to 14.10.2024

• C. 01.04.2023 to 31.03.2024

• D. 15.10.2023 to 31.03.2025

6. Which of the following conditions must be satisfied for salary income to be deemed to accrue or arise in India?

• A. Employer is resident in India

• B. Services are rendered in India

• C. Salary is paid in Indian currency

• D. Employee is an Indian citizen

7 Dividend declared by a foreign company is taxable in India in the hands of:

• A. Any person

• B. Resident only

• C. Non-resident only

• D. None of the above

8. Section 10(10D) exempts sum received under a life insurance policy. However, this exemption is not available if:

• A. Premium exceeds 10% of sum assured for policies issued after 01.04.2012

• B. Policy is issued after 01.04.2013 and premium exceeds ₹1,00,000

• C. Policy is issued to a non-resident

• D. Policy is issued for a term less than 5 years

9. Which of the following is NOT a valid reason for Section 10(14) allowances to be exempt?

• A. Allowance is granted for official duties

• B. Allowance is notified by CBDT

• C. Allowance is granted for family maintenance

• D. Allowance is granted for remote area posting

10. Section 10(38) exempted long-term capital gains on equity shares up to AY 2018-19. What is the current applicable exemption provision for LTCG on listed equity shares exceeding ₹1 lakh?

• A. Section 10(38)

• B. Section 112A

• C. Section 10(23FB)

• D. Section 54EC