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
Correct Answer :
D. All of the above
Related Questions
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
Which of the following statements is incorrect?
Income tax is a direct tax
Wealth tax is a central govt. tax
Excise duty is an example of direct tax.
Entry tax is a state govt. tax.
Tax' is imposed on a person by
State Govt.
Central Govt.
Both of the above
None 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
The TDS Certificate issued by an employer to his employees in case of salary income is
Form 16
Form 26
Form 26A
Form 26Q
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
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All of the above.
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
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
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
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
Income Tax Act 1922 is a "milestone" because
This Act introduced first the concept of aggregating incomes under different
Heads
It introduced the concept of "resident but not ordinarily resident"
This Act is still in force in India
Under this Act the administration was shifted completely from the provincial
Govt to the Central govt.
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
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 Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
The CBDT consists of
One director & Two Members
One President & Seven Members
One Chairman & Six Members
None of the above.
Assessment year 2006-07 commenced on
1st April '05
1st April '06
1st April '07
31st March '06
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
House Rent Allowance is exempt from tax
True
False
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue
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
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 income of previous year of an assessee is taxed during the following assessment year
True
False
TDS, in case of salary should be deposited within
Within 15 days from the end of the month in which such tax is deducted
Within 30 days from the end of the month in which such tax is deducted
Within 7 days from the end of the month in which such tax is deducted
On the next working day
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
Tax on fringe benefit has been introduced from the assessment year
2000-01
2006-07
2005-06
2004-05
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
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False