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OTHER SOURCES 1 / 44 Q1: Income from letting of machinery, plant andfurniture is (a) always chargeable to tax under the head profits and gains of business and profession (b) always chargeable to tax under the head income from other sources (c) chargeable under the head income from other sources only if not chargeable under the head profits and gains of business and profession (d) chargeable to tax under the head income from house property 2 / 44 Q2: In respect of winnings from lottery, crosswordpuzzle or race including horse race or card game etc. (a) no deduction under chapter VI-A is allowed and basic exemption limit cannot be exhausted (b) no deduction under chapter VI-A is allowed but unexhausted basic exemption can be exhausted (c) both deduction under chapter VI-A and basic exemption are allowed (d) deduction under chapter VI-A is allowed but basic exemption limit cannot be exhausted 3 / 44 Q3: Mr. J received the following income during AY2021-2022 i.e. PY 2020-2021. Determine hisincome from other sources:(1) Director’s fees Rs. 5,000(2) Income from agricultural land in PakistanRs. 15,000(3) Rent from let-out land in Jaipur Rs. 20,000(4) Interest on deposit with HDFC Bank Rs. 1,000(5) Divided from Indian company Rs. 5,000 (a) Rs. 41,000 (b) Rs. 46,000 (c) Rs. 31,000 (d) Rs. 26,000 4 / 44 Q4: Which of the following income will be taxableas income from other sources (a) Purchase of house from husband for inadequate consideration (b) Purchase of painting from registered dealer at invoice value less than fair market value (c) Cash gift from a non-resident friend on marriage anniversary (d) All of the above 5 / 44 Q5: Mr. J is engaged in fertilizer trade, received rentby sub-letting of a building. This will be taxableunder the head (a) Income from house property (b) Income from capital gains (c) Income from PGBP (d) Income from other sources 6 / 44 Q6: Mr. J is in receipt of family pension of Rs. 15,000p.m. AY 2021-2022 i.e. PY 2020-2021. Incomechargeable to tax for Mr. J is: (a) Rs. 1,80,000 (b) Rs. 1,20,000 (c) Rs. 1,65,000 (d) Nil 7 / 44 Q7: Mr. J traced a missing girl by spending Rs. 20,000.For this, he was awarded with a sum of Rs. 1,20,000.In this case the award is taxable to the extent of (a) Rs. 1,00,000 (b) Rs. 1,20,000 (c) Rs. 1,15,000 (d) Nil 8 / 44 Q8: Mr. J died in a train accident and after his deathhis family members were paid compensation ofRs. 5,00,000 by Central Government. They have spentRs. 89,000 on collecting this amount. In this case thecompensation is taxable to the extent of (a) Rs. 5,00,000 (b) Rs. 4,11,000 (c) Rs. 5,89,000 (d) Nil 9 / 44 Q9: Mr. J has taken a house on rent and sublets thesame to Mr. D. Income from such house propertyshall be taxable under the head: (a) Income from house property (b) Income from other sources (c) Income from house property or income from other sources as decided by Mr. J (d) None of the above 10 / 44 Q10: GGC Pvt. Ltd. issued equity shares of Rs. 10each at Rs. 40 per share. The fair market value of theshare on the date of issue was ascertained as Rs. 25 pershare. The company issued 1,00,000 equity shares.The amount liable to tax in the hands of thecompany would be: (a) Rs. 15,00,000 (b) Rs. 30,00,000 (c) Nil (d) Rs. 40,00,000 11 / 44 Q11: Mr. J is non resident of India and has age of 65years. He won a prize on lottery ticket on 30/8/2020.The prize amount was Rs. 5,50,000. He had boughtlottery tickets for Rs. 75,000 during the year.Assuming that he had no other income chargeable totax for the year determine his income tax liability forthe AY 2021-2022 i.e. PY 2020-2021 (a) Rs. 1,69,950 (b) Rs. 1,71,600 (c) Rs. 1,65,000 (d) Rs. 23,400 12 / 44 Q12: When Mr. J retired from GGC Ltd. on1/1/2021, he was paid Rs. 5,00,000 for not doing acompeting business for the next 5 years. Amount soreceived chargeable to tax in the hands of Mr. J is: (a) Nil (b) Rs. 5,00,000 (c) Rs. 1,00,000 (d) Rs. 2,50,000 13 / 44 Q13: When Mr. J retired from GGC Ltd. on1/1/2021, he was paid Rs. 5,00,000 for not doing acompeting business for the next 5 years. The amountso received by Mr. J is taxable as: (a) Income from business and profession (b) Income from other sources (c) Income from salary (d) Not taxable as it is a capital receipt 14 / 44 Q14: Income under the head income from othersources is taxable on: (a) Due basis (b) Receipt basis (c) On the basis of method of accounting regularly employed by the assesses (d) None of the above 15 / 44 Q15: Winning from lotteries, crossword puzzles,horse races & other races, card game, etc. are casualincome & hence: (a) Fully exempt (b) Exempt up to Rs. 5,000 (c) Fully taxable (d) Exempt up to Rs. 10,000 16 / 44 Q16: For computing lottery, crossword puzzlesraces, card games income etc., the assesses shall: (a) Be entitled to deduction for any expenditure incurred for earning such income (b) Not entitled to any deduction for any expenditure (c) Be entitled to deduction up to certain limits (d) Be entitled to deduction to the extent of Rs.10,000 17 / 44 Q17: The lottery, crossword puzzle, races, cardgames incomes, etc. are taxable at: (a) Normal slab rate of income tax like any other income (b) Flat rate of 20% plus HEC @ 4% (c) Flat rate of 30% plus HEC @ 4% (d) Flat rate of 30% plus HEC @ 4% after the initial exemption of Rs. 2,50,000 18 / 44 Q18: If no regular system of accounting is followedby assessee then interest on securities is taxable on: (a) Due basis (b) Receipts basis (c) Due or receipt basis at the option of the assesses (d) None of the above 19 / 44 Q19: When an advance received for transfer ofcapital asset is forfeited on or after 1/4/2014, suchforfeited amount shall be (a) Deducted from the cost of the asset (b) Exempt (c) Taxable as income under the head income from other sources (d) None of the above 20 / 44 Q20: Income from other sources is chargeable to tax (a) U/s 15 (b) U/s 56 (c) U/s 22 (d) U/s 28 21 / 44 Q21: Income by way of interest on securities ischargeable under the head of (a) Business and Profession (b) House Property (c) Salary (d) Other Sources 22 / 44 Q22: Income by way of interest on securities earnedby stock broker from securities held as inventory ischargeable under the head of (a) Business and Profession (b) House Property (c) Salary (d) Other Sources 23 / 44 Q23: Income from other sources is also known as........................... head of income (a) Residuary head (b) Useless head (c) Complementary head (d) None of the these 24 / 44 Q24: Guest Lecturer’s remuneration is taxable underwhich head of income (a) Other sources (b) Salary (c) House property (d) Not taxable at all 25 / 44 Q25: Any income from gambling, betting etc. isknown as .................. and taxable @ ........................ (a) Normal income, Slab rate (b) Normal income, 30% (c) Casual income, 30% (d) Other income, 30% 26 / 44 Q26: Deduction under Chapter VI-A ......................from causal income (a) Is allowed (b) Is not allowed (c) May be allowed (d) May not be allowed 27 / 44 Q27: An assessee received interest due to latepayment of compensation for compulsoryacquisition of capital asset amounting to Rs. 10,00,000.What amount is taxable under head Other Sources? (a) Rs. 7,00,000 (b) Rs. 5,00,000 (c) Rs. 3,50,000 (d) Nil 28 / 44 Q28: The interest on Post Office Savings Bankaccount would be exempt from tax only upto ………for an individual account (a) Rs. 3,500 (b) Rs. 5,500 (c) Rs. 7,000 (d) Without limit 29 / 44 Q29: The interest on Post Office Savings BankAccount would be exempt from tax upto ............. forjoint account (a) Rs. 3,500 (b) Rs. 5,500 (c) Rs. 7,000 (d) Without limit 30 / 44 Q30: Rent received by original tenant from subtenant is taxable under the head .........................? (a) Income from other sources (b) Income from house property (c) Income from salary (d) None of the above 31 / 44 Q31: Expenses of purchasing lottery tickets arededucted out of winnings from lottery under headincome from other sources? (a) True (b) False (c) Partly true (d) None of the above 32 / 44 Q32: Casual income is taxable u/s (a) 115BB (b) 115A (c) 115AB (d) 115C 33 / 44 Q33: Under a lucky draw competition, Mr. J won acar which has FMV of Rs. 7,00,000. What amount istaxable in his hands? (a) Rs. 7,00,000 (b) Rs. 4,90,000 (c) Rs. 2,10,000 (d) Nil 34 / 44 Q34: Deduction allowable in respect of familypension taxable under income from other sources is (a) Rs. 15,000 or 1/3rd of family pension whichever is less (b) Rs. 15,000 or 1/2 of family pension whichever is less (c) Rs. 10,000 or 1/3rd of family pension whichever is less (d) No deduction is allowed 35 / 44 Q35: The deduction in respect of interest on enhancedcompensation of Rs. 1,50,000 received during the AY2021-2022 i.e. PY 2020-2021, would be (a) Rs. 1,50,000, being 100% of Rs. 1,50,000 (b) Rs. 75,000, being 50% of Rs. 1,50,000 (c) Rs. 45,000, being 30% of Rs. 1,50,000 (d) Nil 36 / 44 Q36: The legal heir of the deceased who receivesfamily pension is allowed a deduction from suchfamily pension: (a) U/s 16(ia) for the amount of Rs. 50,000 (b) U/s 16(ia) for the amount of Rs. 50,000 or the amount of family pension, whichever is lower (c) 1/3rd of family pension or Rs. 15,000 whichever is lower (d) Rs. 50,000 or Rs. 15,000 at the choice of assessee 37 / 44 Q37: Bond washing transaction is given under: (a) section 94 (b) section 95 (c) section 98 (d) section 112 38 / 44 Q38: Amount paid on account of any current repairsto the machinery, plant or furniture given on rent........... as deduction under head other sources (a) Shall not be (b) Is not allowed (c) Is allowed (d) None of the above 39 / 44 Q39: An assessee received family pension ofRs. 90,000, what amount is taxable as income fromOther Sources? (a) Rs. 60,000 (b) Rs. 75,000 (c) Rs. 45,000 (d) None of the above 40 / 44 Q40: What is the amount of deduction available oninterest received from enhanced compensation? (a) 60% of income by way of interest on enhanced compensation (b) 50% of income by way of interest on enhanced compensation (c) 70% of income by way of interest on enhanced compensation (d) Nil 41 / 44 Q41: Deduction of expenses from the dividend shallbe restricted to……….. of amount of dividends (a) 5% (b) 10% (c) 15% (d) 20% 42 / 44 Q42: While computing taxable casual income (a) No expenditure can be allowed from such income (b) Deduction under Chapter VI-A is not allowed from such income (c) Both of the above are applicable (d) None of the above 43 / 44 Q43: Which section states that deduction ofexpenses is allowed from income from other sources (a) Section 58 (b) Section 57 (c) Section 56 (d) No expense incurred is allowed as deduction 44 / 44 Q44: Which section states that deduction ofexpenses is not allowed from income from OtherSources (a) Section 58 (b) Section 57 (c) Section 56 (d) No expense incurred is allowed as deduction
OTHER SOURCES
1 / 44
Q1: Income from letting of machinery, plant andfurniture is
2 / 44
Q2: In respect of winnings from lottery, crosswordpuzzle or race including horse race or card game etc.
3 / 44
Q3: Mr. J received the following income during AY2021-2022 i.e. PY 2020-2021. Determine hisincome from other sources:(1) Director’s fees Rs. 5,000(2) Income from agricultural land in PakistanRs. 15,000(3) Rent from let-out land in Jaipur Rs. 20,000(4) Interest on deposit with HDFC Bank Rs. 1,000(5) Divided from Indian company Rs. 5,000
4 / 44
Q4: Which of the following income will be taxableas income from other sources
5 / 44
Q5: Mr. J is engaged in fertilizer trade, received rentby sub-letting of a building. This will be taxableunder the head
6 / 44
Q6: Mr. J is in receipt of family pension of Rs. 15,000p.m. AY 2021-2022 i.e. PY 2020-2021. Incomechargeable to tax for Mr. J is:
7 / 44
Q7: Mr. J traced a missing girl by spending Rs. 20,000.For this, he was awarded with a sum of Rs. 1,20,000.In this case the award is taxable to the extent of
8 / 44
Q8: Mr. J died in a train accident and after his deathhis family members were paid compensation ofRs. 5,00,000 by Central Government. They have spentRs. 89,000 on collecting this amount. In this case thecompensation is taxable to the extent of
9 / 44
Q9: Mr. J has taken a house on rent and sublets thesame to Mr. D. Income from such house propertyshall be taxable under the head:
10 / 44
Q10: GGC Pvt. Ltd. issued equity shares of Rs. 10each at Rs. 40 per share. The fair market value of theshare on the date of issue was ascertained as Rs. 25 pershare. The company issued 1,00,000 equity shares.The amount liable to tax in the hands of thecompany would be:
11 / 44
Q11: Mr. J is non resident of India and has age of 65years. He won a prize on lottery ticket on 30/8/2020.The prize amount was Rs. 5,50,000. He had boughtlottery tickets for Rs. 75,000 during the year.Assuming that he had no other income chargeable totax for the year determine his income tax liability forthe AY 2021-2022 i.e. PY 2020-2021
12 / 44
Q12: When Mr. J retired from GGC Ltd. on1/1/2021, he was paid Rs. 5,00,000 for not doing acompeting business for the next 5 years. Amount soreceived chargeable to tax in the hands of Mr. J is:
13 / 44
Q13: When Mr. J retired from GGC Ltd. on1/1/2021, he was paid Rs. 5,00,000 for not doing acompeting business for the next 5 years. The amountso received by Mr. J is taxable as:
14 / 44
Q14: Income under the head income from othersources is taxable on:
15 / 44
Q15: Winning from lotteries, crossword puzzles,horse races & other races, card game, etc. are casualincome & hence:
16 / 44
Q16: For computing lottery, crossword puzzlesraces, card games income etc., the assesses shall:
17 / 44
Q17: The lottery, crossword puzzle, races, cardgames incomes, etc. are taxable at:
18 / 44
Q18: If no regular system of accounting is followedby assessee then interest on securities is taxable on:
19 / 44
Q19: When an advance received for transfer ofcapital asset is forfeited on or after 1/4/2014, suchforfeited amount shall be
20 / 44
Q20: Income from other sources is chargeable to tax
21 / 44
Q21: Income by way of interest on securities ischargeable under the head of
22 / 44
Q22: Income by way of interest on securities earnedby stock broker from securities held as inventory ischargeable under the head of
23 / 44
Q23: Income from other sources is also known as........................... head of income
24 / 44
Q24: Guest Lecturer’s remuneration is taxable underwhich head of income
25 / 44
Q25: Any income from gambling, betting etc. isknown as .................. and taxable @ ........................
26 / 44
Q26: Deduction under Chapter VI-A ......................from causal income
27 / 44
Q27: An assessee received interest due to latepayment of compensation for compulsoryacquisition of capital asset amounting to Rs. 10,00,000.What amount is taxable under head Other Sources?
28 / 44
Q28: The interest on Post Office Savings Bankaccount would be exempt from tax only upto ………for an individual account
29 / 44
Q29: The interest on Post Office Savings BankAccount would be exempt from tax upto ............. forjoint account
30 / 44
Q30: Rent received by original tenant from subtenant is taxable under the head .........................?
31 / 44
Q31: Expenses of purchasing lottery tickets arededucted out of winnings from lottery under headincome from other sources?
32 / 44
Q32: Casual income is taxable u/s
33 / 44
Q33: Under a lucky draw competition, Mr. J won acar which has FMV of Rs. 7,00,000. What amount istaxable in his hands?
34 / 44
Q34: Deduction allowable in respect of familypension taxable under income from other sources is
35 / 44
Q35: The deduction in respect of interest on enhancedcompensation of Rs. 1,50,000 received during the AY2021-2022 i.e. PY 2020-2021, would be
36 / 44
Q36: The legal heir of the deceased who receivesfamily pension is allowed a deduction from suchfamily pension:
37 / 44
Q37: Bond washing transaction is given under:
38 / 44
Q38: Amount paid on account of any current repairsto the machinery, plant or furniture given on rent........... as deduction under head other sources
39 / 44
Q39: An assessee received family pension ofRs. 90,000, what amount is taxable as income fromOther Sources?
40 / 44
Q40: What is the amount of deduction available oninterest received from enhanced compensation?
41 / 44
Q41: Deduction of expenses from the dividend shallbe restricted to……….. of amount of dividends
42 / 44
Q42: While computing taxable casual income
43 / 44
Q43: Which section states that deduction ofexpenses is allowed from income from other sources
44 / 44
Q44: Which section states that deduction ofexpenses is not allowed from income from OtherSources
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