Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
Correct Answer :
B. False
Related Questions
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
Income of minor child, if clubbed with income of parents, is exempt from tax up to
Rs.1,000
Rs.1,500
Rs.1,200
None of the above
If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
No interest is available if the amount of refund of income tax paid is less than
Rs. 5,000
50% of total tax assessed
10% of total tax assessed
100% of total tax assessed
If both parents are earning then income of a minor child will be clubbed with
Income of parent having higher income
Proportionately with both parent's income
Income of parent having lower income
None of the above
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT
The CBDT consists of
One director & Two Members
One President & Seven Members
One Chairman & Six Members
None of the above.
The income of previous year of an assessee is taxed during the following assessment year
True
False
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
Rs.1,00,000
Rs.1,50,000
Rs.50,000
No limit
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first previous year will start from
1st April '05
1st Sept '05
Any of the above
None of the above.
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
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
Income from salary
Income from House Property
Income from Other Sources
Income from Business and Profession
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
Any receipt of casual and non-recurring nature is known as casual income
True
False
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
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
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
Which of the following income is / are exempt from tax?
Payments received from family income by a member of a HUF
Share of profit received by a partner of a partnership firm.
Any income of an educational institution and hospitals
All of the above
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
When a person has paid the security transaction tax on transfer of equity shares he does not have to pay any tax on long term capital gain arising on transfer of that equity share.
True
False
PAN is necessary for the following assessees -
A businessman whose total turnover is Rs.5,00,001
A charitable trust
Both of the above
None of the above