Classical

Advanced Questions - Section 1

41:  

R gifted his house property to his married minor daughter. The income from such house property shall be taxable in the hands of

A.

R as deemed owner.

B.

R. However, it will be first computed as minor daughters income & clubbed in the income of R.

C.

Income of married minor daughter.

D.

None of the above

 
 

Option: C

Explanation :


42:  

Agricultural income is

A.

Fully exempt

B.

Partially exempt

C.

Fully taxable

D.

None of the above

 
 

Option: A

Explanation :


43:  

Tax audit is compulsory in case a person is carrying on business whose gross turnover/sales/receipts, as the case maybe, exceeds

A.

Rs. 10 lakhs

B.

Rs. 40 lakhs

C.

1 crore

D.

None of the above

 
 

Option: B

Explanation :


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

D.

None of the above

 
 

Option: B

Explanation :


45:  

Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward for

A.

8 Years

B.

Indefinitely

C.

4 Years

D.

None of these

 
 

Option: B

Explanation :




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