Which of the following is not included in the term Income under the Income Tax Act, 1961?
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Commerce · all questionsIncome Tax and Corporate Tax
Income Tax and Corporate Tax
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Which of the following is not a head of Income as prescribed by the Income Tax Act?
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Which of the following will be considered as tax planning effort?
1. Mr. A purchased a house for self-residence of Rs. 8 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds.
2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh.
3. Mr. A purchased 100 gm gold biscuits of Rs. 2.5 lakh from SBI on the occasion of Diwali.
4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya.
1. Mr. A purchased a house for self-residence of Rs. 8 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds.
2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh.
3. Mr. A purchased 100 gm gold biscuits of Rs. 2.5 lakh from SBI on the occasion of Diwali.
4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya.
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Match the items of List-I with the items of List-II and choose the correct answer:
| List-I (Types of Income) | List-II (Heads of Income) |
| a. Salary, bonus, commission, etc., received by a working partner from the firm | 1. Income from other Sources |
| b. Pension received by the widow of a government employee | 2. Income from (short term) Capital Gains |
| c. Profits on the sale of machinery used in business | 3. Income from Capital Gains |
| d. Compensation received from the government on compulsory acquisition of land and profit earned | 4. Income from Business and Profession |
| 5. Income from Salaries |
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Which of the following amount of penalty is imposable under section 272BB?
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Agriculture income is exempted from income tax under the following section of Income Tax Act, 1961
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Assertion (A): If the interest is payable outside India, tax must be deducted at source.
Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
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Reason (R): If tax has not been deducted at source, the amount paid as interest will not be allowed as a deduction in computing business income.
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Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
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In own or leasean asset, which of the following point/s is/are important?
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Under Sec. 194 1B of the Income Tax Act, 1961 an individual or HUF (who is not required to get his accounts audited u/s 44 AB) who is responsible for paying to a resident any rent, shall deduct income tax, for the use of any land and building or both, if the rent exceeds:
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Which of the following statements is correct in regards to health and education cess?
1. Amount of income tax shall be increased by health and education cess.
2. Amount of income tax and surcharge shall be increased by health and education cess.
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1. Amount of income tax shall be increased by health and education cess.
2. Amount of income tax and surcharge shall be increased by health and education cess.
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Interest on excess refund is not payable if the amount of refund is :
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The order of the Assessing Officer under section 210(3) requiring the taxpayer to pay advance tax on his current year's income may be passed during the financial year, but not later than:
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Dividend received from Hindalco will be taxable
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Property income is exempt from tax in which of the following case(s)?
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As per transfer pricing provisions, an advance pricing agreement is valid for
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Given is the information related to a house
Municipal Value (M.V.) Rs. 1,50,000
Fair Rent Rs. 1,80,000
Standard Rent Rs. 1,60,000
Actual Rent Rs. 20000
Municipal tax paid by owner is 20% of M. V. Unrealised rent 40,000 (conditions of rule 4 satisfied). What is the annual value of the house?
Municipal Value (M.V.) Rs. 1,50,000
Fair Rent Rs. 1,80,000
Standard Rent Rs. 1,60,000
Actual Rent Rs. 20000
Municipal tax paid by owner is 20% of M. V. Unrealised rent 40,000 (conditions of rule 4 satisfied). What is the annual value of the house?
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Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties.
Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.
Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.
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The following methods as per section 92C are used in determination of arm's length prices from international transactions and specified domestic transaction except:
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If the payee does not furnish PAN and TDS under section 194, dividends shall be made at:
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