Agricultural Income & Exempted Incomes – CS Executive Tax Laws MCQs


Agricultural Income & Exempted Incomes – CS Executive Tax Laws MCQs

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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

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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

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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.

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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.

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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:

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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.

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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.

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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:

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

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

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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:

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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.

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

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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.

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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.

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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.

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

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

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

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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.

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

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

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

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

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

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