A. normal rate.
B. 50% of normal rate.
C. nil.
D. none of these.
✅ The correct answer is option B.
SSC
402. Profits earned from an illegal business are……………………..
A. taxable.
B. tax free.
C. ignored by tax authorities.
D. treated as other income.
✅ The correct answer is option A.
403. Donation is deductible u/s ……………………………
A. 80c
B. 80d
C. 80 e
D. 80 g
✅ The correct answer is option D.
404. Repairs incurred before installation of an assets is………………
A. capital expenditure.
B. revenue expenditure.
C. non business expenditure.
D. none of these.
✅ The correct answer is option A.
405. Deduction from gross Total income is allowed under Sec. 80C up to lower of the Qualifying amount or a maximum of.
A. rs. 50,000.
B. rs. 80,000.
C. rs. 1,00,000.
D. rs. 2,00,000.
✅ The correct answer is option C.
406. For SSIs , a deduction of ………………… % of profit is available to individual assessee.
A. 50%
B. 40%
C. 25%
D. nil
✅ The correct answer is option C.
407. 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.
408. Statutory limit for exemption of compensation received at the time of voluntary retirement (VRS) is………………………..
A. rs. 5,00,000.
B. rs. 8,00,000.
C. rs. 10,00,000.
D. rs. 15,00,000.
✅ The correct answer is option A.
409. Out of income from growing and manufacturing of latex ………………… , is considered as agricultural income.
A. 40%
B. 45%
C. 60%
D. 65%
✅ The correct answer is option D.
410. 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.