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.
Salary received by the manager of an agricultural farm is ……………………………
A. an agricultural income.
B. a salary income.
C. a business income.
D. a capital income.
✅ The correct answer is option B.
A citizen of India who goes abroad for the purpose of employment, he must stay in India at least for ……………………….. days to become a resident
A. 90 days
B. 162 days
C. 180 days
D. 182 days
✅ The correct answer is option D.
Loss due to fire of hired machinery is………………………..
A. capital loss.
B. revenue loss.
C. capital expenditure
D. none of the above.
✅ The correct answer is option A.