A. a revenue loss.
B. a capital loss.
C. a casual loss.
D. none of these.
✅ The correct answer is option A.
Who among the following may be “not ordinarily resident”
A. partnership firm.
B. company.
C. association of persons.
D. hindu undivided family.
✅ The correct answer is option D.
Agricultural income in Pakistan is assessable for……………………
A. resident
B. not ordinarily resident
C. non-resident
D. not taxable
✅ The correct answer is option A.
The following is not taxable as income under the head Salaries.
A. commission received by a full time director
B. remuneration received by a partner
C. allowances received by an employee
D. free accommodation given to an employee
✅ The correct answer is option B.
Section……………… of the Income Tax Act deals with exempted incomes.
A. 2
B. 7
C. 10
D. 80
✅ The correct answer is option C.
Gratuity received by a government employee is …………………..
A. fully exempted
B. partly exempted
C. fully taxable
D. exempted up to rs:1,00,000
✅ The correct answer is option A.
Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for…………………
A. 16
B. 8
C. indefinite
D. 12
✅ The correct answer is option C.
__________ is / are empowered to levy and collect income tax.
A. state governments
B. central government
C. rbi
D. local self government department
✅ The correct answer is option B.
In which year Income Tax was levied in India for the first time ?
A. 1960
B. 1961
C. 1860
D. 1857
✅ The correct answer is option C.
Income Tax Act was passed in the year_____________.
A. 1955
B. 1961
C. 1956
D. 1962
✅ The correct answer is option B.