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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