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Thread: PCC - Objective Questions in Income Tax.

  1. #41
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 41. Agricultural income is exempt provided the:

    a) Land is situated in India
    b) Land is situated in any rural area India
    c) Land is situated whether in India or outside India.

    Ans. a) Land is situated in India.

  2. #42
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 42. If the assessee is engaged in the business of growing and manufacturing tea in India ,the agricultural income in that case shall be:

    a) 40% of the income from such business
    b) 60% of the income from such business
    c) Market value of the agricultural produce minus expenses on cultivation of such produce

    Ans. b) 60% of the income from such business.

  3. #43
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 43. Agricultural income is :

    a) Fully exempt
    b) Partially exempt
    c) Fully taxable

    Ans. a) Fully exempt.

  4. #44
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 44. The partial integration of agricultural income, is done to compute tax on:

    a) Agricultural income
    b) non agricultural income
    c) Both agricultural and non agricultural income

    Ans. b) non agricultural income.

  5. #45
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 45. There will be no partial integration of agricultural income with non agricultural income, if the non agricultural income does not exceed:

    a) Rs.1,50,000
    b) Rs. 1,00,000
    c) Rs.1,10,000

    Ans. a) Rs.1,50,000.

  6. #46
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 46. There will be no partial integration, if the agricultural income does not exceed:

    a) Rs.40,000
    b) Rs.50,000
    c) Rs.5,000

    Ans. c) Rs.5,000.

  7. #47
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 47. A local authority has earned income from the supply of commodities outside its own jurisdictional area. It is :

    a) Exempt
    b) Taxable

    Ans. b) Taxable.

  8. #48
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 48. R, a chartered accountant is employed with R Ltd., as an internal auditor and requests the employer to call the remuneration as internal audit fee. R shall be chargeable to tax for such fee under the head.

    a) Income from salaries
    b) Profit and gains from Business and Profession
    c) Income from other sources.

    Ans. a) Income from salaries.

  9. #49
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 49. R, who is entitled to a salary of Rs.10,000 p.m. took an advance of Rs.20,000 against the salary in the month of March 2009.The gross salary of R for assessment year 2009-10 shall be:

    a) Rs.1,40,000
    b) Rs.1,20,000
    c) None of these two

    Ans. a) Rs.1,40,000.

  10. #50
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    Thumbs up Multiple Choice Questions (Finance Act 2008).

    Q. 50. A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of :

    a) Rs.200 p.m.
    b) Rs.160 p.m.
    c) Rs. 240 p.m.

    Ans. a) Rs.200 p.m.

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