Question 1

Payment of Rs. ` 45,000 made in cash towards purchases of medicines. The amount of disallowance under section 40A(3) is -

Accepted Answer

A)  rs 45,000
B)  rs 30,000
C)  nil
D)  rs 20,000 A

Question 2

Income Tax is levied on the ___________ of a person.

Accepted Answer

A)  total income
B)  total income-debt
C)  gross total income
D)  net income-debt perquisites A

Question 3

Amount of deduction in case of a person with severe disability under section 80U will be:

Accepted Answer

A)  rs. 50,000
B)  rs. 75,000
C)  rs. 1,00,000
D)  rs. 1,50,000 C

Question 4

As per Section 2(e a), which of the following is an asset in case of an individual:

Accepted Answer

A)  cash in hand up to rs. 50,000
B)  shares
C)  debentures or bonds
D)  motor car used for official purposes

Question 5

In the absence of the individual assesses, return of income can be signed by …………………

Accepted Answer

A)  legal heir
B)  spouse.
C)  any person.
D)  authorized person

Question 6

Rental income from the business of leasing out properties would be taxable under the head_______

Accepted Answer

A)  income from house property
B)  income from other sources
C)  income from pgbp
D)  income from capital gain

Question 7

Tax refund has to be claimed within :

Accepted Answer

A)  five years
B)  same year
C)  one year
D)  next year

Question 8

Deduction under section 80C to 80U cannot exceed:

Accepted Answer

A)  gross total income
B)  total income
C)  income from business or profession
D)  income from house property

Question 9

ITR -5 is related to :

Accepted Answer

A)  for individuals
B)  for huf.
C)  for firms, aops and bois.
D)  for companies.

Question 10

Joint Commissioners are appointed by…………

Accepted Answer

A)  central government
B)  state government
C)  district government
D)  gram panchayat

Exam 6: Miscellaneous and Computation of Total Taxable Income of an Individual

Payment of Rs. ` 45,000 made in cash towards purchases of medicines. The amount of disallowance under section 40A(3) is -