Income Tax - Quiz 7 Income Tax Law and Practice / UGC NET Commerce Agricultural income includes ________. Income from interest on arrears of rent payable in respect of land used for agricultural purposes Income from sale of forest trees of spontaneous growth on which no operation for their preservation and growth were performed Income from use of land for grazing cattle required for agricultural purposes ‘Dividends’ declared by Indian company are assemble under the head ______. As taxable income under head ‘Income from other sources’ Fully exempted but treated under the head other sources Capital gains. Rent received from building held by an assessee as stock-in-trade is taxable under the head ______ Profits or gains of business or profession Income from house property Income from other sources Tax audit is compulsory in case of a person carrying on business if total sales or gross receipts in any previous year exceeds ______. ₹ 1 Crore ₹ 2 Crore ₹ 50,00,000 A Short-term Capital Asset (except financial assets and immovable property) is the one held for not more than _____. 48 months 36 Months Indefinite Period. Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profits in any accounting year can be carried forward for____. 16 years 8 succeeding previous years Indefinite Period Embezzlement of cash in a money lending business shall be treated as ______. Business Expenditure Revenue loss incidental to business Capital Expenditure The assessee can claim the deduction from his business of any expenditure incurred by him in the previous year in respect of any appeal before any Income-tax authority upto. _______. ₹ 7,500 ₹ 3,500 Full amount A senior citizen handicapped female assessee can claim deduction u/s 80U upto _____. ₹ 75,000 ₹ 60,000 ₹ 1,25,000 Income from investments made outside India earned by a person not ordinarily resident in India would be taxable under the Income-tax Act, 1961 if ____. the investments are in shares of a foreign limited company. the investments are by way of capital contribution to a partnership business whose control and man the investment in a proprietary business carried on abroad but controlled from India. Compiled by Ms.N.Kesavi
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