A. capital receipt.B. revenue receipt.C. a casual receipt.D. none of these.
Tag: Income Tax MCQs
Compensation for cancellation of a license by the government resulting in cessation of business is……………………………..
A. a casual receipt.B. a capital receipt.C. a revenue receipt.D. none of the above.
Which of the following is not a capital receipt?
A. salami’ for settlement of tenancy.B. insurance claim received on machinery lost by fire.C. lump sum received on sale of shares.D. goods sold for cash.
Receipt of amount on maturity of LIC Policy is………………………..
A. a revenue receipt.B. a capital receipt.C. a casual receiptD. none of these
Income by way of rent of agricultural land is …………..
A. business incomeB. income from other sources.C. agricultural incomeD. casual income
Income Tax Act came into force on……………………….
A. 01-04-1961B. 01-04-1962C. 01-04-1956D. 01-04-1965
How many heads of income are there to compute Gross total income.
A. six.B. five.C. fourD. three
Residential status is determined for………………….
A. previous yearB. assessment yearC. accounting yearD. financial year.
Unabsorbed depreciation can be carried forward for set off…………………..
A. for a period of four years only.B. for a period of eight years only.C. for an unlimited number of years.D. for a period of eighteen years only.
Under the income- tax act, the incidence of taxation depends on………………….
A. the citizenship of the tax-payer.B. the age of the taxpayerC. the residential status of the tax-payerD. the gender of the taxpayer