501. Salary received by a Member of Parliament is taxable under the head…………………….
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option D.
SSC
502. Incomes absolutely exempt from Tax are listed under………………………..
A. sec 2.
B. sec 10.
C. sec 38.
D. sec. 80c.
✅ The correct answer is option B.
503. What are the exemption limit in Hostel Expenditure Allowance?
A. rs.200pm
B. rs.300pm
C. rs.400pm
D. rs.500pm
✅ The correct answer is option B.
504. Which of the following is not a capital expense?
A. installation expenditure of plant of a company.
B. legal expenses for reduction of capital.
C. commission to employees to achieve sales targets.
D. expenses of promoting a company.
✅ The correct answer is option C.
505. Exempted incomes are defined under section…………….
A. 15 of income tax act.
B. 18 of income tax act
C. 10 of income tax act.
D. 20 of income tax act.
✅ The correct answer is option C.
506. The highest Administrative Authority for Income Tax in India is…………
A. finance minister.
B. cbdt.
C. president of india.
D. director of income tax.
✅ The correct answer is option B.
507. Salary paid by an employer out of capital will be…………….
A. a revenue receipt in the hands of employee
B. a capital receipt in the hands of employee
C. a casual receipt
D. none of the above.
✅ The correct answer is option A.
508. Incomes on which Income tax is not charged are called…………..
A. exceptional incomes
B. privileged incomes
C. exempted incomes.
D. none of the above
✅ The correct answer is option C.
509. Family pension received by the widow of a deceased employee is taxable under the head…………
A. income from salary
B. capital gains
C. profits and gains of business or profession
D. income from other sources
✅ The correct answer is option D.
510. Income from a farm house is……………………..
A. income from house property
B. income from business
C. agricultural income
D. income from other sources
✅ The correct answer is option C.