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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

Correct Answer : C.


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  2. The apex body of Income Tax Department. is
  3. If an assessee makes an absolute transfer of an asset without any consideration then any income from…
  4. Any receipt of casual and non-recurring nature is known as casual income
  5. No interest is available if the amount of refund of income tax paid is less than
  6. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in…
  7. Tax on fringe benefit has been introduced from the assessment year
  8. The income of previous year of an assessee is taxed during the following assessment year
  9. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…
  10. The CBDT consists of
  11. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  12. The Income Tax Act, which is still in force in India, was enforced in
  13. Which one of the following taxes is not levied by the State Government?
  14. Which of the following statements is incorrect?
  15. If a self occupied property is converted into HUF property without adequate consideration then
  16. Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000…
  17. According to Section 2(7) of Income Tax Act "Assessee" means
  18. The Income Tax Act 1961 came into force on
  19. Assessment year 2006-07 commenced on
  20. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum…
  21. The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
  22. Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
  23. Uncommuted pension received by a Government employee is fully exempt from tax.
  24. Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
  25. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  26. The aggregate amount of deductions under chapter VI-A can not exceed
  27. Expected Rent can be determined in the following way
  28. Sec. 234A deals with
  29. The first income tax act was introduced in the year
  30. Which of the following income is / are exempt from tax?