Agricultural Income & Exempted Incomes – CS Executive Tax Laws MCQs

The maximum amount of any death-cwm-retirement gratuity received by an employee not covered under the Payment of Gratuity Act, 1972 on Superannuation from the employer exempt from tax is of

XYZ Pvt. Ltd. had distributed income of ₹ 6 lakh to Rajesh for the reason of buyback of its shares (Not being listed on a recognized stock exchange) from him on 1st February 2021. The amount of ₹ 6 lakh received by Rajesh in the A.Y. 2021-22 shall be

A registered political party has income during the year 2020-21 of banks interest ₹ 5,00,000, rent from letting of building ₹ 3,00,000 and voluntary contribution by cheque ₹ 8,00,000.

Green-Wood Plantation Ltd. is engaged in the cultivation and processing of Tea. Their net income during AY 2021-22 is to the tune of ₹ 20 Lakh.

Any payment in commutation of pension received from a pension fund set up by the Life Insurance Corporation of India in terms of section 10(23AAB) of the Income-tax Act, 1961, is:

XYZ Pvt. Ltd. had distributed an income of ₹ 9,00,000 to Rajesh for the reason of buy-back of its shares from him on 1st March 2021. These shares were purchased by him for ₹ 5,00,000 on 1st March 2014.

The following incomes derived, received, and earned during the previous year are not subject to tax being exempt under the Act:(i) Money received by an individual as a member of HUF.(ii) Share of profit received by a partner from(iii) Interest in Savings bank account.
/(iv) Income of SAARC Fund.

The income derived from growing, manufacturing, and sale of Centrifuged latex or Cenex or Latex-based cops as per Rule 7A of the Income-tax Rules, 1962 shall be taken as agricultural and non-agricultural income in the following ratio:

Mr. Sridhar employed in KL Ltd. took voluntary retirement in December 2020 and received ₹ 2,00,000 from National Pension System Trust.

An electoral trust receiving voluntary contributions for the purpose of distributing to political parties registered under Section 29A of the Representation of the People

Registered political parties have to maintain a record of the contributions and names and address of the persons who have made such contribution where each contribution exceeds:

A registered trade union earned income by way of interest on a fixed deposit held with the State Bank of India of ₹ 5,60,000.

Mr. Menon having a tea estate in Munnar (Kerala) earned ₹ 5 lakh by way of growing tea leaves and manufacturing tea.

Mr. Ramesh engaged in the business of growing and manufacturing tea in India received ₹ 2 lakhs from the Tea Board towards a replacement of tea bushes destroyed by a forest fire.

Mr. Sankar received ₹ 50,000 as an educational scholarship from Nehru Memorial Trust (a charitable trust). The scholarship is to assist Mr. Sankar in pursuing an M.A. (History) at Jawaharlal Nehru University, New Delhi.

Mr. Vinayak derived income from the sale of tea manufactured and grown in Coorg, Karnataka. His income for the previous year 2020-21 from the said activity is ₹ 20 lakh.

Mr. Robert aged 52 years received an annual pension of ₹ 5,60,000 during the financial year 2020-21.

Mrs. Rose derives 15,40,000 by way of income from the sale of coffee grown and cured by sellers in India.

Tax holiday under Section 10AA in respect of newly established units in SEZ is allowed for a total period of

Murali received ₹ 1 lakh from the HUF of which he is a coparcener. The HUF consists of four coparceners including his father who is the Karta of the HUF.

Pawan reports a net income of ₹ 5 lakh from the activity of growing and manufacturing rubber.

Which of the following additional incomes will not be treated as agricultural income?

Incomes of two minor children are included in the income of their father.

If non-agricultural income is ₹ 4,52,000 and net agricultural income is ₹ 40,000, the tax liability of an individual assessee will be

The income of an assessee engaged in the business of growing and manufacturing tea in India is taxable to the extent of