Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)

Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
by

1 Answer

Answer :

D)17(1)
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Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26

Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26

Last Answer : B) 15 to 17

Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)

Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)

Last Answer : C) 16(ii)

Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A

Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A

Last Answer : C) 10(10) 

Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C

Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C

Last Answer : B) 87A

Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these

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Last Answer : B) Allowances

Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8

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Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year

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Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250

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Last Answer : A) Rs.100

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Last Answer : D) All of the above

A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85

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Last Answer : C) 80

Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these

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Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance

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Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what

If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable

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Last Answer : A) Resident

Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB

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Last Answer : 2A

HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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Last Answer : B) Partly Taxable

The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.

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Last Answer : B) CBDT

Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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Last Answer : A) Fully Taxable

When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance

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Last Answer : C) Transferred Balance

Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these

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Last Answer : C) Not Allowed

Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these

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Last Answer : C) Fully Exempted

Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these

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Last Answer : A) Karta

A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least ............................. days to become a resident A) 90 days B) 162 days C) 180 days D) 182 days

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Last Answer : D) 182 days

A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4

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Last Answer : A) 2

To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions

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Last Answer : B) One Basic Condition and Both Additional Conditions

CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above

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Last Answer : A) Central Government

CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes

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Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%

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Last Answer : C) 3%

Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore

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Last Answer : C) 1 Crore

When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above

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Last Answer : C) Accelerated Assessment 

Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April

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The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000

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Last Answer : C) 300,000

There are …………… heads of income A) 3 B) 4 C) 5 D) 2

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Last Answer : C) 5

Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules

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Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax

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Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956

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Last Answer : C) 1st April 1962

Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972

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The ratio of the monthly salaries of A and B is in the ratio 15 : 16 and that of B and C is in the ratio 17 : 18. Find the monthly income of C if the total of their monthly salary is Rs 1,87,450. A) Rs 66,240 B) Rs 72,100 C) Rs 62,200 D) Rs 65,800 E) Rs 60,300

Description : The ratio of the monthly salaries of A and B is in the ratio 15 : 16 and that of B and C is in the ratio 17 : 18. Find the monthly income of C if the total of their monthly salary is Rs 1,87,450. A) Rs 66,240 B) Rs 72,100 C) Rs 62,200 D) Rs 65,800 E) Rs 60,300

Last Answer : Answer: A A/B = 15/16 and B/C = 17*18 So A : B : C = 15*17 : 16*17 : 16*18 = 255 : 272 : 288 So C’s salary = [288/(255+272+288)] * 1,87,450= Rs 66,240

Salary under section 17(1) of the Income Tax Act, 1961 does not include _____. a) wages b) pension c) interest d) gratuity

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Last Answer : interest

I am the water of life, but seeing too much of me is never good. I am what binds families together, but I can be defied. What am I? -Riddles

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Last Answer : Blood.

What were some that northerners defied the fugitive slave act?

Description : What were some that northerners defied the fugitive slave act?

Last Answer : I have no idea at allThey smuggled slaves out of the country on the UndergroundRailroad.

7 unique sets of twins who defied the odds?

Description : 7 unique sets of twins who defied the odds?

Last Answer : Tamara Rabi and Adriana Scott These twins were born in 1983 in Mexico and were given up for adoption. They were adopted into families who lived only 20 miles apart but didn't know of each other until ... to scrap his research knowing it would be criticized, but these two are as close as can be!

If the effective working time is 7 hours and per batch time of concrete is 3 minutes, the output of a concrete mixer of 150 litre capacity, is (A) 15,900 litres (B) 16,900 litres (C) 17,900 litres (D) 18,900 litres

Description : If the effective working time is 7 hours and per batch time of concrete is 3 minutes, the output of a concrete mixer of 150 litre capacity, is (A) 15,900 litres (B) 16,900 litres (C) 17,900 litres (D) 18,900 litres

Last Answer : (D) 18,900 litres

A sum of Rs. 1550 was lent partly at 5% and partly at 8% per annum simple interest. The total interest received after 4 yr was Rs. 400. The ratio of the money lent at 8% to that lent at 5% is? (a) 15:16 (b) 16:17 (c) 19:17 (d) 21:26 (e) 20:17

Description : A sum of Rs. 1550 was lent partly at 5% and partly at 8% per annum simple interest. The total interest received after 4 yr was Rs. 400. The ratio of the money lent at 8% to that lent at 5% is? (a) 15:16 (b) 16:17 (c) 19:17 (d) 21:26 (e) 20:17

Last Answer : (a) 15:16

A beam of uniform rectangular section 200 mm wide and 300mm deep is simply supported at its ends.It carries a uniformly distributed load of 9KN/m run over the entire span of 5m.If E=1×104 N/mm2, what is the maximum deflection? a.14.26 mm b.17.28 mm c.18.53 mm d.16.27 mm.

Description : A beam of uniform rectangular section 200 mm wide and 300mm deep is simply supported at its ends.It carries a uniformly distributed load of 9KN/m run over the entire span of 5m.If E=1×104 N/mm2, what is the maximum deflection? a.14.26 mm b.17.28 mm c.18.53 mm d.16.27 mm.

Last Answer : d.16.27 mm.

The functions of State Board are given under: A. Section 16 B. Section 17 C. Section 21 D. Section 45

Description : The functions of State Board are given under: A. Section 16 B. Section 17 C. Section 21 D. Section 45

Last Answer : B. Section 17

A software project was estimated at 352 Function Points (FP). A four person team will be assigned to this project consisting of an architect, two programmers, and a tester. The salary of the architect is Rs.80,000 per month, the programmer Rs.60,000 per month and the tester Rs.50,000 per month. The average productivity for the team is 8 FP per person month. Which of the following represents the projected cost of the project? (1) Rs.28,16,000 (2) Rs.20,90,000 (3) Rs.26,95,000 (4) Rs.27,50,000

Description : A software project was estimated at 352 Function Points (FP). A four person team will be assigned to this project consisting of an architect, two programmers, and a tester. The salary of the architect is Rs.80,000 per month, the ... ) Rs.28,16,000 (2) Rs.20,90,000 (3) Rs.26,95,000 (4) Rs.27,50,000

Last Answer : (4) Rs.27,50,000 

1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50'. What number is missing? -Riddles

Description : 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50'. What number is missing? -Riddles

Last Answer : 22