Taxation Online Test

Gift received by an individual Rs. 70,000 from his relatives rejendra shall be

The legal heir of thee deceased who received family pension is allowed a standard deduction from such

pension to the extent of

For computing lottery income, the assessee shall

Dividends declared by Unit Trust of India is

Sushant has taken a house on rent and sublet the same to Mr. A. Income from such house property shall be

taxable under the head

Exemption under section 54, shall be available

The exemption under section 54, shall be available

If the assessee wishes to deposit money under capital gain scheme for claiming exemption under sec. 54, it

should be deposited within

For claiming exemption under sec 54, the assessee should purchase residential property

Where capital asset is converted into stock in trade then for the purpose of computaion of capital gain, the full

value of consideration shall be

Conversation of capital asset into stock in trade will result into capital gain of the previous year

In case of compulsory acquisition, the indexation of cost of acquisition or improvement shall be done till the

In case of long term capital gain, the amount to be deducted from sale consideration shall be

The assessee is allowed to opt for market value as on 1-4-1981 in case of

Capital gain arises from the transfer of

Which asset is not treated as capital asset for capital gain purposes.

There will be on long term capital gain, if one of the following asset is trasferred after it is held for 12 months and 1 day

Short term capital gain arise on transfer of shares and units held by the date of assessee for not more than ___________ from the date of acquisition.

Capital expenditure incurred on repairs of factory building is

Bonus paid to employee is allowed as deduction on

An amount paid to a company to be used for scientific research shall be allowed a deduction equal to

Mobile handset received by the assessee doctor during the course of carrying on his profession is taxable under the head

Salary, bonus, commission or remuneration due to or received by a working partner from the firm is taxable under the head.

Mr. Richard who was carrying on agency of sell computation business, received a sum of Rs. 80,000 from his pricipal for termination of agency. Compensation so received shall be

Export incentives received by an assessee are

__________ tax is allowed as a deduction while computing the business income

If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the depreciation will be allowed at

Where the amount of an expenditure claimed as deduction exceed Rs.20,000, it is not made by account payee cheque or draft

Where the amount of an expenditure claimed as deduction exceed Rs. 20,000, it should be paid by

Muncipal tax paid is allowed as deduction for

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