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4

Expected Rent can be determined in the following way

A. Higher of Municipal Value & Fair Rent

B. Lower of Municipal Value & Fair Rent

C. Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent

D. Any of the above

Correct Answer :

C. Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent


Related Questions

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4

Sec. 234A deals with

A. Interest in default in furnishing return of income

B. Interest for concealment of particulars

C. Interest for default in payment of advance tax

D. None of the above

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4

Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of

A. Resident

B. Not Ordinarily Resident

C. Non Resident

D. All of the above.

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4

Income Tax Act 1922 is a "milestone" because

A. This Act introduced first the concept of aggregating incomes under different
Heads

B. It introduced the concept of "resident but not ordinarily resident"

C. This Act is still in force in India

D. Under this Act the administration was shifted completely from the provincial
Govt to the Central govt.

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4

The TDS Certificate issued by an employer to his employees in case of salary income is

A. Form 16

B. Form 26

C. Form 26A

D. Form 26Q

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4

If a self occupied property is converted into HUF property without adequate consideration then

A. Entire income from such property will be clubbed with the income of the transferor

B. 50% of such income will be clubbed

C. Such income will not be clubbed

D. None of the above

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4

The taxable Income computed should be rounded off to the nearest multiple of Rs.10.

A. True

B. False

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4

Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.

A. True

B. False

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4

YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income earned by the club from such letting-out will be chargeable under the head

A. Income from salary

B. Income from House Property

C. Income from Other Sources

D. Income from Business and Profession

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4

Uncommuted pension received by a Government employee is fully exempt from tax.

A. True

B. False

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4

Income of minor child, if clubbed with income of parents, is exempt from tax up to

A. Rs.1,000

B. Rs.1,500

C. Rs.1,200

D. None of the above

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4

The Income Tax Act, which is still in force in India, was enforced in

A. 1922

B. 1961

C. 1860

D. None of the above

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4

For the purpose of Fringe Benefit Tax, the term 'Employer' does not include

A. Individual and HUF

B. Corporate

C. Partnership firm

D. None of the above

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4

Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be

A. Rs. 1,00,000

B. Rs. 1,50,000

C. Rs. 2,00,000

D. None of the above

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4

TDS, in case of salary should be deposited within

A. Within 15 days from the end of the month in which such tax is deducted

B. Within 30 days from the end of the month in which such tax is deducted

C. Within 7 days from the end of the month in which such tax is deducted

D. On the next working day

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4

Any receipt of casual and non-recurring nature is known as casual income

A. True

B. False

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4

The amount of interest on borrowed capital allowable as deduction in case of a let out property is

A. The actual amount of interest

B. Rs.30,000

C. Rs 30,000 or Actual amount which ever is lower

D. Rs.1,50,000

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4

Contribution to superannuation fund is

A. Treated as fringe benefit

B. Not considered as fringe benefit

C. Depends on the amount of contribution

D. None of the above

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4

The aggregate amount of deductions under chapter VI-A can not exceed

A. Rs. 50,000

B. Gross Total Income

C. Rs 1,00,000

D. None of the above

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4

If an assessee makes an absolute transfer of an asset without any consideration then any income from such property should be clubbed with the income of the assessee.

A. True

B. False

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4

Which one of the following taxes is not levied by the State Government?

A. Entertainment tax

B. VAT

C. Professional tax

D. None of the above.

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4

Expected Rent can be determined in the following way

A. Higher of Municipal Value & Fair Rent

B. Lower of Municipal Value & Fair Rent

C. Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent

D. Any of the above

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4

The apex body of Income Tax Department. is

A. Finance Ministry of Central Govt.

B. Central Govt. of India.

C. CBDT

D. Dept. of Revenue

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4

The income of previous year of an assessee is taxed during the following assessment year

A. True

B. False

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4

The first income tax act was introduced in the year

A. 1918

B. 1861

C. 1860

D. 1886

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4

The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get a deduction of Rs.30, 000 under sections 80C to 80U.His Gross Total Income and Net Total income are

A. Rs.150000 & 30000 respectively

B. Rs.150000 & 120000 respectively

C. Rs.120000 & 30000 respectively

D. None of the above.

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4

Income of a minor will not be clubbed with his/her parent's income if

A. Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge

B. Child is illiterate

C. Parents are handicapped

D. the child does not give her consent

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4

Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of

A. Rs.1,00,000

B. Rs.1,50,000

C. Rs.50,000

D. No limit

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4

PAN is necessary for the following assessees -

A. A businessman whose total turnover is Rs.5,00,001

B. A charitable trust

C. Both of the above

D. None of the above

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4

For a senior citizen the amount of deduction U/s 80D available is

A. The amount of premium paid or Rs.10,000 whichever is higher

B. The actual amount of premium paid or Rs.10,000 whichever is lower

C. The actual amount of premium paid or Rs.15,000 whichever is lower

D. None of the above

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4

Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.

A. True

B. False