541. Section……………… of the Income Tax Act deals with exempted incomes.
A. 2
B. 7
C. 10
D. 80
✅ The correct answer is option C.
SSC
542. Unabsorbed depreciation can be carried forward for set off…………………..
A. for a period of four years only.
B. for a period of eight years only.
C. for an unlimited number of years.
D. for a period of eighteen years only.
✅ The correct answer is option C.
543. Section 10 0f Income Tax Act deals with _________.
A. deductions
B. exempted incomes
C. income from salary
D. casual incomes
✅ The correct answer is option B.
544. The following is not taxable as income under the head Salaries.
A. commission received by a full time director
B. remuneration received by a partner
C. allowances received by an employee
D. free accommodation given to an employee
✅ The correct answer is option B.
545. Under the income- tax act, the incidence of taxation depends on………………….
A. the citizenship of the tax-payer.
B. the age of the taxpayer
C. the residential status of the tax-payer.
D. the gender of the taxpayer
✅ The correct answer is option C.
546. Agriculture Income is __________.
A. taxable
B. not taxable
C. partly taxable
D. none of this above
✅ The correct answer is option B.
547. Agricultural income in Pakistan is assessable for……………………
A. resident
B. not ordinarily resident
C. non-resident
D. not taxable
✅ The correct answer is option A.
548. Which among the following is the main constituent of Biogas?
A. Methane
B. Ethane
C. Propane
D. Butane
✅ The correct answer is option A.
549. Education cess on tax payable is at…………….
A. 2%
B. 1%
C. 3%
D. 5%
✅ The correct answer is option A.
550. Who among the following may be “not ordinarily resident”
A. partnership firm.
B. company.
C. association of persons.
D. hindu undivided family.
✅ The correct answer is option D.