| A. | Resident and Ordinarily Resident (OR) only |
| B. | Ordinarily Resident (OR) and Not Ordinarily Resident (NOR) only |
| C. | Non Resident (NR) only |
| D. | Ordinarily Resident (OR), Not Ordinarily Resident (NOR) and Non Resident (NR) |
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Option: D Explanation : Click on Discuss to view users comments. |
Which of the following income is not chargeable under the head 'income from business and profession' ?
| A. | Profits and Gains carried on by an assessee during the previous year. |
| B. | Income derived by a trade professional or similar association from specific services performed for its members. |
| C. | Income from the activity of owning or owning and maintaining race horses. |
| D. | Salary received by a partner of a firm from the same firm. |
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Option: C Explanation : Click on Discuss to view users comments. |
Mr. A earned a capital gain of Rs 100 lakhs on 31-2-2014 from the sale of a long term capital asset (land) within the limits of Jaipur Corporation. If he invests Rs 60 lakhs, out of Rs 100 lakhs, in Rural Electricity Corporation Bonds approved under Sec. 54 EC in 20-2-2014, what is the amount of exemption he can claim under Sec. 54 EC of Income Tax Act for the AY 2014-15?
| A. | Rs 60 lakhs |
| B. | Rs 50 lakhs |
| C. | Rs 100 lakhs |
| D. | Rs 30 lakhs |
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Option: B Explanation : Click on Discuss to view users comments. |
Under which of the following situations, the Appellate Tribunal can rectify the mistake in the order passed by it under Sec 254 (2) of Income Tax Act ?
(a) If subsequent decision of the Supreme Court/High Court is available on the subject after the Appellate Tribunal's order
(b) If an assessee apply for rectification of the Tribunal's order by raising fresh grounds before the Tribunal
(c) If the omission or mistake is on the part of Appellate Tribunal
(d) If the order is passed by the Appellate Tribunal under an erroneous impression of fact or law
Codes :
| A. | (a), (b) and (c) |
| B. | (b), (c) and (d) |
| C. | (a), (c) and (d) |
| D. | only (c) and (d) |
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Option: C Explanation : Click on Discuss to view users comments. |
