A. fully exempted
B. fully taxable
C. partly exempt
D.
✅ The correct answer is option A.
Allowances of MP/M.L.A / or M.L.C are.
A. fully exempted.
B. fully taxable.
C. partly exempt
D.
✅ The correct answer is option A.
Income of political parties is not to be included in total income if certain conditions are satisfied. The relevant section of IT Act 1961 is.
A. section 13a .
B. s
C. 1
D.
✅ The correct answer is option A.
Tax Holiday is.
A. income tax on holiday income.
B. cancellation of tax for the entire country.
C. tax exemption for a specified peri
D.
✅ The correct answer is option C.
The existing Maximum Marginal Rate of tax of an individual assessee is…………………….
A. 10%
B. 20%
C. 30%
D. 35%
✅ The correct answer is option C.
Which of the following is not included in salary income.
A. commuted pension
B. un commuted pension
C. family pension
D. leave salary
✅ The correct answer is option C.
Share of income from firm is…………….
A. taxable in the hands of partner
B. exempted in the hands of partner.
C. exempted in the hands of firm.
D. none of these.
✅ The correct answer is option B.
The periodic payment of money for the past service is known as ……………………
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.