521. Income tax is a ……………………
A. business tax
B. profession tax
C. direct tax
D. indirect tax
✅ The correct answer is option C.
SSC
522. Salary received by the manager of an agricultural farm is ……………………………
A. an agricultural income.
B. a salary income.
C. a business income.
D. a capital income.
✅ The correct answer is option B.
523. Which among the following element is an essential constituent of acids?
A. Nitrogen
B. Hydrogen
C. Helium
D. Oxygen
✅ The correct answer is option B.
524. Who is Tax payer?
A. assessee
B. businessman
C. trust
D. govt. employee
✅ The correct answer is option A.
525. 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.
526. previous year started from ______________.
A. april
B. march
C. january
D. september
✅ The correct answer is option A.
527. 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.
528. CBDT is control by ______________.
A. central government
B. state government
C. both (a) and (b)
D. none of this above
✅ The correct answer is option A.
529. 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.
530. Income Tax Act was passed in the year_____________.
A. 1955
B. 1961
C. 1956
D. 1962
✅ The correct answer is option B.