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

A. True

B. False

Correct Answer : A.


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  1. Sec. 234A deals with
  2. According to Section 2(7) of Income Tax Act "Assessee" means
  3. Contribution to superannuation fund is
  4. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in…
  5. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  6. PAN is necessary for the following assessees -
  7. Which of the following income is / are exempt from tax?
  8. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  9. House Rent Allowance is exempt from tax
  10. The TDS Certificate issued by an employer to his employees in case of salary income is
  11. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
  12. The term "Person" includes
  13. Expected Rent can be determined in the following way
  14. TDS, in case of salary should be deposited within
  15. No interest is available if the amount of refund of income tax paid is less than
  16. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  17. The rates of income tax are specified in
  18. Tax on fringe benefit has been introduced from the assessment year
  19. If both parents are earning then income of a minor child will be clubbed with
  20. The first income tax act was introduced in the year
  21. For a senior citizen the amount of deduction U/s 80D available is
  22. The rates of Income Tax are specified in
  23. Any receipt of casual and non-recurring nature is known as casual income
  24. Which one of the following taxes is not levied by the State Government?
  25. The Income Tax Act, which is still in force in India, was enforced in
  26. The apex body of Income Tax Department. is
  27. When a person has paid the security transaction tax on transfer of equity shares he does not have to…
  28. A company is considered to be resident if
  29. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  30. The Income Tax Act 1961 came into force on