- The basic exempt limit for non- resident woman above the age of 60 yrs. For the assessment yr. 2012-13 is…..
- 190000 2. 180000 3. 240000 4. 250000
2.j When a person retires from a profession and receives any amount towards self-generated goodwill, it is …….
1. taxable as income from Profession 2. Exempt income u/s 10
3. Not taxable since there is no cost of aquistion 4. Taxable as capital gain
3. Mr. Xavier received Rs. 200000 from the prospective employer before joining duty in order to resign from the present employer. Subsequently, he joined the new employer. The amount received is..
1. taxable as income from business 2. Taxable as salary income
3. Exempt from tax u/s 10 4. Exempt being capital receipt
4. jain introduces his motor car costing Rs. 300000 acquired in April, 2009 into the business newly commenced by him from 01.04.2011. The actual cost of car fro the purpose of depreciation would be ..
1. 300000 2. 216750 3. 150000 4. Nil. Not eligible for depreciation
5. For non- government employee governed by payment of Gratuity Act, 1972, the monetary limit for exemption is ..
1. 5 L 2. 3.5 L 3. 10 L 4. Limitless
6. Unrealised rent of Rs. 50000 was received in June , 2011. The property was sold before April, 2011. How much of unrealized rent is taxable?
1. 50000 2. 35000 3. 30000 4. Not taxable
7. A registered charitable trust means for educational purpose has annual aggregate receipt of Rs. 8000000. Its income after expenses is rs. 2000000. The income liable to IT would be…
1. 80 L 2. 60 L 3. Nil 4. 30L
8. Pravin received Rs. 1000 per month as transport allowances. The amount eligible for exemption would be …
1. 1000 Pm 2. 200 PM 3. 800 PM 4. Nil.
9. Jayant working in a college received rs. 2000 PM as research allowances for pursuing research. The taxable portion of allowances would be…
1. 2000 Pm 2. Nil 3. 1000 PM 4. Nil.
10. Pankaj was provided accommodation in a hotel by the employer for 10 days consequent to his transfer from Mumbai to Kolkata. The cost of accommodation was Rs. 30000 to the employer. The value of perquisite is …
1. Nil 2. 30000 3. 15000 4. 20000
11. A & Co . apartnership firm, contributed Rs. 100000 towards family planning programme among the employees. The amount eligible for deduction would be…..
1. 100000 2. 20000 3. 150000 4. Nil
12. A sum of Rs. 50000 was written off as a bad debt in the assessment yr 2008-09 and was disallowed. During the FY 2011-12 Rs. 2000 was recovered. Out of the recovery how much is taxable?
1. 20000 2. Nil 3. 30000 4. 70000
13. Pon Ltd. Incurred Rs. 3500000 towards voluntary retirement compensation paid to its employees in the FY 2011-12. How much is deductable for the AY 2012-13 out of the said payment?
1. 7 L 2. 5 L 3. 35 L 4. 3.5 L
- The basic exempt limit for non- resident woman above the age of 60 yrs. For the assessment yr. 2012-13 is…..
- 190000 2. 180000 3. 240000 4. 250000
2.j When a person retires from a profession and receives any amount towards self-generated goodwill, it is …….
1. taxable as income from Profession 2. Exempt income u/s 10
3. Not taxable since there is no cost of aquistion 4. Taxable as capital gain
3. Mr. Xavier received Rs. 200000 from the prospective employer before joining duty in order to resign from the present employer. Subsequently, he joined the new employer. The amount received is..
1. taxable as income from business 2. Taxable as salary income
3. Exempt from tax u/s 10 4. Exempt being capital receipt
4. jain introduces his motor car costing Rs. 300000 acquired in April, 2009 into the business newly commenced by him from 01.04.2011. The actual cost of car fro the purpose of depreciation would be ..
1. 300000 2. 216750 3. 150000 4. Nil. Not eligible for depreciation
5. For non- government employee governed by payment of Gratuity Act, 1972, the monetary limit for exemption is ..
1. 5 L 2. 3.5 L 3. 10 L 4. Limitless
6. Unrealised rent of Rs. 50000 was received in June , 2011. The property was sold before April, 2011. How much of unrealized rent is taxable?
1. 50000 2. 35000 3. 30000 4. Not taxable
7. A registered charitable trust means for educational purpose has annual aggregate receipt of Rs. 8000000. Its income after expenses is rs. 2000000. The income liable to IT would be…
1. 80 L 2. 60 L 3. Nil 4. 30L
8. Pravin received Rs. 1000 per month as transport allowances. The amount eligible for exemption would be …
1. 1000 Pm 2. 200 PM 3. 800 PM 4. Nil.
9. Jayant working in a college received rs. 2000 PM as research allowances for pursuing research. The taxable portion of allowances would be…
1. 2000 Pm 2. Nil 3. 1000 PM 4. Nil.
10. Pankaj was provided accommodation in a hotel by the employer for 10 days consequent to his transfer from Mumbai to Kolkata. The cost of accommodation was Rs. 30000 to the employer. The value of perquisite is …
1. Nil 2. 30000 3. 15000 4. 20000
11. A & Co . apartnership firm, contributed Rs. 100000 towards family planning programme among the employees. The amount eligible for deduction would be…..
1. 100000 2. 20000 3. 150000 4. Nil
12. A sum of Rs. 50000 was written off as a bad debt in the assessment yr 2008-09 and was disallowed. During the FY 2011-12 Rs. 2000 was recovered. Out of the recovery how much is taxable?
1. 20000 2. Nil 3. 30000 4. 70000
13. Pon Ltd. Incurred Rs. 3500000 towards voluntary retirement compensation paid to its employees in the FY 2011-12. How much is deductable for the AY 2012-13 out of the said payment?
1. 7 L 2. 5 L 3. 35 L 4. 3.5 L
Fill in the blanks:-
- Salary expenses not recorded in the books is taxable as unexplained expenditure and at the same time it is ________ ( deductible / not deductible ) for computing total income as per section 69 C.
- Amount received under kyeman insurance policy including bonus thereon is _______ ( income/ exempted income) under the I. T Act, 1961.
- Income of minor child when subjected to clubbing, asum of Rs. ___ is exempt.
- 4. Deposit in public PF in the name of minor child is _______ (deductible / not deductible) u/s 80C in the hands of contributing parent.
- An individual can avail the benefit of exemption in respect of leave travel concession offered by his employer ___ in a block of four years.
- The maximum amount of exemption in respect of encashment of earned leave is Rs. _____
- A charge created consequent to the decree of a court of law is ________ ( Application / diversion) of income.
- Amount recovered by an employer from the employees towards the latter’s share of PF contribution is ________ ( income / not an income) of the assessee – employer.
- Loss from non-speculation business ____ ( can/ cannot) be set off against profits derived from speculation business.
- Salary forgone is ___________ ( taxable / not taxable) in computing the income from salaries in the hands of the concerned employee.
- The monetary ceiling limit for exemption for gratuity received W. E. F 21.05.2011 under the payment of Gratuity Act, 1972 is Rs. ______
- Fixed medical allowances of Rs. 2000 PM paid by an employer is ______ ( Taxable / exempt) in the hands of the employee.
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