Income Tax- Quiz 5

Income Tax - Quiz 5

Income Tax Law and Practice / UGC NET

1. Income from rent of agriculture land is:

Agriculture Income
Business Income
Casual Income


2. Income from tea cultivation and manufacturing of tea business has to be divided in two parts:

40% is Agricultural Income
50% is Agricultural Income
60% is Agricultural Income


3. Integration of Agricultural Income and Non-Agricultural Income is not done in case of______.

Individuals
Partnership firm
Companies


4. Income of Previous year (1-6-2017 to 31-3-2018) is taxable in the assessment year______.

2018-19
2017-18
2016-17


5. Income from sale of household furniture is______.

Taxable Income
Exempted Income
Casual Income


6. Share of income received by a member of HUF out of HUF income is_______.

Taxable Income u/s 66
Exempted income u/s 10(2)
Rebateable income u/s 86


7. No integration of agricultural income with non-agricultural income if agricultural income is below______.

2,00,000
5,000
18,000


8. Maximum deduction allowed u/s 16(iii) shall be________.

Actual amount paid
5,000
2% of employee’s salary


9. In respect of income from house property the collection charges are allowed up to maximum ________.

The actual expenditure incurred
6% of the annual value
Nil


10. For any loss to be carried forward and set off against the income of subsequent years the return of such loss must be filed______.

Under Section 139 (1)
Under Section 140 (1)
Under Section 144 (2)

Compiled by Ms.V.Deepika