A. the citizenship of the tax-payer.
B. the age of the taxpayer
C. the residential status of the tax-payer.
D. the gender of the taxpayer
✅ The correct answer is option C.
Unabsorbed depreciation can be carried forward for set off…………………..
A. for a period of four years only.
B. for a period of eight years only.
C. for an unlimited number of years.
D. for a period of eighteen years only.
✅ The correct answer is option C.
Residential status is determined for………………….
A. previous year
B. assessment year
C. accounting year
D. financial year.
✅ The correct answer is option A.
How many heads of income are there to compute Gross total income.
A. six.
B. five.
C. four.
D. three.
✅ The correct answer is option B.
Income Tax Act came into force on……………………….
A. 01-04-1961
B. 01-04-1962
C. 01-04-1956
D. 01-04-1965
✅ The correct answer is option B.
Income by way of rent of agricultural land is …………..
A. business income
B. income from other sources.
C. agricultural income
D. casual income
✅ The correct answer is option C.
Receipt of amount on maturity of LIC Policy is………………………..
A. a revenue receipt.
B. a capital receipt.
C. a casual receipt.
D. none of these.
✅ The correct answer is option B.
Which of the following is not a capital receipt?
A. ‘salami’ for settlement of tenancy.
B. insurance claim received on machinery lost by fire.
C. lump sum received on sale of shares.
D. goods sold for cash.
✅ The correct answer is option D.
Compensation for cancellation of a licence by the government resulting in cessation of business is……………………………..
A. a casual receipt.
B. a capital receipt.
C. a revenue receipt.
D. none of the above.
✅ The correct answer is option C.
Compensation received for loss of trading asset is a………………..
A. capital receipt.
B. revenue receipt.
C. a casual receipt.
D. none of these.
✅ The correct answer is option A.