Gifts from clients are……………….
A. professional income.
B. income from other sources.
C. non taxable item.
D. none of these.
✅ The correct answer is option A.
Under section 44AB the audit of accounts is compulsory if total sales exceed ……………………..
A. rs: 40 lakhs
B. rs: 50 lakhs
C. rs: one crore
D. rs: five crores
✅ The correct answer is option C.
Under valuation of opening stock is………………..
A. deducted from net profit.
B. added to net profit.
C. credited to p & l a/c
D. none of these.
✅ The correct answer is option A.
Bad debts allowed earlier and recovered latter on is………………..
A. business income.
B. non business income.
C. exempted income.
D. income from other sources.
✅ The correct answer is option A.
The rate of surcharge on tax payable is ………………….% when taxable income is Rs: 5,57, 500.
A. 3%
B. 5%
C. 10%
D. nil
✅ The correct answer is option D.
For the P.Y , 2012-13, the maximum permissible deduction under section 80C is …………..
A. rs: 80,000
B. rs: 1,00,000
C. rs: 2,00,000
D. 1,12,000
✅ The correct answer is option B.
Donation on PM’s National Relief Fund is deductible 100% out of the gross total income of the assessee, under section ……………………………..
A. 80c
B. 80cc
C. 80g
D. 80gg
✅ The correct answer is option C.
Which of the following income from other sources is not taxable?
A. dividend from co-operative society.
B. dividend from foreign company.
C. dividend from domestic company.
D. winnings from lottery.
✅ The correct answer is option C.
Which one of the following is not an income from other sources?
A. interest on fixed deposit in bank.
B. winnings from cross word puzzles.
C. gift in excess of rs.50,000 from an unrelated person.
D. profit on sale of building.
✅ The correct answer is option D.
Income from other sources is a……………..
A. residuary head of income.
B. major head of income.
C. income from a single source.
D. constant and regular income.
✅ The correct answer is option A.