531. 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.
SSC
532. In which year Income Tax was levied in India for the first time ?
A. 1960
B. 1961
C. 1860
D. 1857
✅ The correct answer is option C.
533. 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.
534. __________ is / are empowered to levy and collect income tax.
A. state governments
B. central government
C. rbi
D. local self government department
✅ The correct answer is option B.
535. 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.
536. Capital expenditure on scientific research which cannot be absorbed on account of insufficiency of profit in any accounting year can be carried forward for…………………
A. 16
B. 8
C. indefinite
D. 12
✅ The correct answer is option C.
537. How many heads of income are there to compute Gross total income.
A. six.
B. five.
C. four.
D. three.
✅ The correct answer is option B.
538. Gratuity received by a government employee is …………………..
A. fully exempted
B. partly exempted
C. fully taxable
D. exempted up to rs:1,00,000
✅ The correct answer is option A.
539. Residential status is determined for………………….
A. previous year
B. assessment year
C. accounting year
D. financial year.
✅ The correct answer is option A.
540. Income Tax Authorities are grouped into two main wings; Administrative and……………..
A. judicial.
B. managerial.
C. executives.
D. clerical.
✅ The correct answer is option A.