1. The quantum of deduction available under section 10AA in respect of profits and gains derived by a SEZ unit from export of articles is:
A. 100% of export profits for first 10 consecutive AYs and 50% for next 5 consecutive AYs
B. 100% of export profits for first 5 consecutive AYs and 50% for next 10 consecutive AYs
C. 100% of export profits for first 15 consecutive AYs
D. 100% of export profits for first 5 consecutive AYs, 50% for export profits for next 5 consecutive AYs and upto 50% of export profits for next 5 consecutive AYs, as is credited to Special Reserve Account
2. The concept of partial integration of agricultural income with non-agricultural income is applicable to -
A. only individuals & HUF
B. only firms and companies
C. Individuals, HUF, AOPs/BOIs & Artificial juridical persons
D. All persons
3. The proportion of agricultural and business income in case of income derived from the sale of coffee grown and cured by the assessee in India is
A. 65% and 35%, respectively
B. 75% and 25%, respectively
C. 60% and 40%, respectively
D. 70% and 30%, respectively
4. The proportion of agricultural and business income in case of income derived by the assessee from growing of tea leaves in India and manufacturing of tea is
A. 65% and 35%, respectively
B. 75% and 25%, respectively
C. 60% and 40%, respectively
D. 70% and 30%, respectively
5. In case of an individual aged 61 years, partial integration of agricultural income is not required if his:
A. Net agricultural income does not exceed ₹ 5,000
B. Non-agricultural income does not exceed ₹ 2,50,000
C. Non-agricultural income does not exceed ₹ 3,00,000
D. Either (a) or (c) above
6. In case of a Member of Parliament:
A. Daily allowance is exempt but constituency allowance received as per applicable Rules is taxable
B. Constituency allowance received as per applicable Rules is exempt but daily allowance is taxable
C. Both daily allowance and constituency allowance received as per applicable Rules are taxable
D. Both daily allowance and constituency allowance received as per applicable Rules are exempt
7. Which of the following income is not exempt under section 10:
A. Share income of a member from a HUF
B. Share income of a partner from a firm
C. Salary received by a partner from a firm
D. Both (b) & (c)
8. Which of the following is an agricultural land assuming that crops are being cultivated on such land and such land is situated in:
A. an area within 3 kms from the local limits of a municipality and has a population of 80,000 as per last census
B. an area within 1.5 kms from the local limits of a municipality and has a population of 12,000 as per last census
C. an area within 2 kms from the local limits of a municipality and has a population of 11,00,000 as per last census
D. an area within 8 kms from the local limits of a municipality and has a population of 10,50,000 as per last census
9. Which of the following income is agricultural income:
A. Rent received from agricultural land
B. Income from dairy farm
C. Income from poultry farm
D. Dividend from a company engaged in agriculture
10.Income accruing from agriculture in a foreign country is taxable in the case of an assessee who is:
A. Resident B. RNOR
C. Non-Resident D. None of above
11.Any sum received by an individual as a member of HUF from the income of HUF shall be:
A. Fully Taxable B. Fully Exempt
C. Included in TI of member for rates purpose
12.In case of a partner, the share of the profits from the firm which is separately assessed shall be:
A. Fully Taxable B. Fully Exempt
C. Included in TI of member for rates purpose
13.R traced a missing person and was awarded a sum of ₹ 1, 00,000 although there was no stipulation to that effect. Such receipt shall be:
A. Casual income and fully taxable
B. Casual income and exempt upto ₹ 5000
C. Fully exempt
14.Income of Investor Protection Fund set up depositories is exempt u/s
A. 10(23EA)
B. 10(23EC)
C. 10(23ED)
15.In case of an individual . any income by way of interest on any money standing to his credit in a Non resident (External ) account in any bank in India shall be
A. Exempt B. Taxable C. Exempt upto ₹13,000
16.Income from unit of UTI or Mutual fund covered under section 10(23D) shall
A. Exempt. B. Taxable
17.Family pension received by the legal heir of a army personnel who died during operational duties shall be
A. Exempt B. Taxable
18.Capital gain arising from compulsory acquisition of urban agricultural land be
A. Taxable B. Exempt
C. Exempt u/s 10(37) if certain conditions are satisfied
19.Any capital gain whether short term or long term shall be exempt if:
A. it is from the transfer of urban agricultural land
B. it is from the compulsory acquisition by law of urban agricultural land and certain condition are satisfied
STATE WHETHER TRUE OR FALSE
20.Overseas allowances or overseas perquisite paid or allowances by the Government to a citizen of India for rendering service outside India are exempt
21.Salary received by a member of parliament is exempt
22.Any compensation received from Central Government or a State Government or a local authority on account of any disaster is exempt
23.Causal income received by the assessee is fully exempt
Solutions:
1. D 2. C 3. B 4. C 5. D
6. D 7. C 8. A 9. A 10. A
11. A 12. B 13. A 14. C 15. A
16. A 17. A 18. C 19. B 20. True
21. False 22. True 23. False
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