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.
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.
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.
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.
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.
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.
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.
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.
Which among the following is popularly called Hypo?
A. Silver bromide
B. Silver nitrate
C. Sodium thiosulphate
D. Sodium phosphate
✅ The correct answer is option C.
Highest percentage of nitrogen is found in which among the following fertilizers among the given options?
A. Calcium ammonium nitrate
B. Ammonium nitrate
C. Calcium nitrate
D. Urea
✅ The correct answer is option D.