A. gratuity
B. pension
C. commuted pension
D. leave salary
✅ The correct answer is option B.
When a receipt is determined as Capital Receipt or Revenue receipt.
A. at the time it is received
B. while preparing final accounts.
C. when the received amount is us
D.
✅ The correct answer is option A.
Pension is taxable under ……………………..head.
A. salary
B. house property
C. capital gains
D. other sources
✅ The correct answer is option A.
. Salary received by a partner from the firm in which he is a partner is taxable under the head…………….
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option C.
Family pension received by the widow of a deceased employee is taxable under the head…………
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option D.
Salary paid by an employer out of capital will be…………….
A. a revenue receipt in the hands of employee
B. a capital receipt in the hands of employee
C. a casual receipt
D. none of the above.
✅ The correct answer is option A.
Which of the following is not a capital expense?
A. installation expenditure of plant of a company.
B. legal expenses for reduction of capital.
C. commission to employees to achieve sales targets.
D. expenses of promoting a company.
✅ The correct answer is option C.
Salary received by a Member of Parliament is taxable under the head…………………….
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option D.
Interest on capital paid by the firm to its partners is allowed up to ……………….
A. 6%
B. 12%
C. 15%
D. 16%
✅ The correct answer is option B.
Under Income Tax Act depreciation is allowed on ………………
A. purchase price
B. market price
C. w d v
D. face value
✅ The correct answer is option C.