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WorksheetsIT -1
Total questions: 20
Worksheet time: 12mins
Mrs. Kapoor is a housewife. During the previous year, she received Rs. 1,84,000 as pin money from her husband out of which she saved Rs. 64,000. In this case, ______ shall be treated as taxable income.
Rs. 1,84,000
Rs. Nil
Rs. 64,000
Rs. 1,20,000
_________ is not a head of income:
Income from House Property
Salaries
Income from Interest on securities
Capital Gains
Income tax is levied on all types of income other than
Agricultural Income in India
Business Income
Capital Gains
Salary Income
What are the types of PF?
Identify the casual income.
Interest income
Salary income
Business income
Winnings from lotteries
14. The salary, remuneration or compensation received by the partners is taxable under the head _______________.
Income from Other Sources
Income from Business
Salary
None of the above
1. Which of these incomes is taxed under the head 'Other Sources'-
A. Income from owning and maintaining of race horses
B. Interest income from govt. securities
C. Sale of a house to another person for higher consideration than SDV
D. NOTA
3. You are a lawyer working with Srinath & Associates. One of your clients going by the name of Mr. Rajnish gave you a gold coin worth Rs. 60,000 for successfully fighting your court case. Under which head, you are to be taxed as per the Act-
A. Other Sources
B. Salary
C. PGBP
D. Capital Gains
4. What is deemed dividend?
A. Dividend paid by a closely held company
B. Dividend paid by foreign companies
C. Dividend from which income earned is exempt from tax
D. A company distributing its assets among shareholders instead of distributing profits
5. How will you define 'Casual Income'?
A. Income that is of 'Luck-by-chance' nature
B. Income earned by one's children
C. Income that is exempt from income tax
D. Income from illegal sources
6. Income from betting on horse race is taxed at flat rate of-
A. 10%
B. 15%
C. 50%
D. 30%
7. Deductions allowable from 'Family Pension' income?
A. Upto Rs. 15,000
B. Upto 1/3rd of 'Family pension' income
C. 50% of 'Family Pension' income
D. Whichever is lower of options A & B
Income Tax Act came into force on
. (a) 1.4.1961
(b) 1.4.1962
(c) 1.4.1956
(d) 1.4.1965
Assesse is a person
pays tax
pays tax and penalty
to whom a notice is sent under the Act
All the above
Which of the following is not included in taxable income -
Income from smuggling activity
Casual income
Gifts of personal nature subject to a maximum of `50,000 received in cash
Income received in kind.
The term' income' includes the following types of incomes -
Legal
Illegal
Legal and illegal both
None of these
3. Income can be taxable under the head “Income from House Property” if the following conditions are satisfied …….
The property must consist of building and land appurtenant thereto
Property consists of a building of which Assessee should be the owner
The property should not be used by the owner for carrying out his business or profession
All of the above
7. In case the Letting out of property is the main business of the assessee, then the income from such property is taxable as---
Income from House Property
Income from Other Sources
Profits and Gains of Business or Profession
None of the above.
8. The maximum limit of deduction u/s. 24(b) for interest on borrowed capital on or after 01.04.1999 for repairs of self occupied house property
Rs. 30,000
Rs. 2,00,000
Rs. 50,000
None of the above
UNREALISED RENT MEANS
NO TENANT
TENANT OCCUPYING THE HOUSE BUT NOT PAYING THE RENT
CHEQUE RECEIVED FOR RENT IS NOT REALISED
