1. Dividend from an Indian Company is …………………
a) Fully Taxable
b) Partly Taxable
c) Fully Exempted
d) None of these
2. Expenditure incurred on exempted income is ………… as deduction
a) Fully Allowed
b) Partly Allowed
c) Not Allowed
d) None of these
3. Income exempted from tax are stated in the section …… Of Income Tax Act.
a) 5
b) 10
c) 12
d) 8
4. Income from Salary is explained in the section ……………………
a) 12 to 14
b) 15 to 17
c) 18 to 22
d) 24 to 26
5. Salary is defied as per section ……….
a) 15(2)
b) 16(1)
c) 17(2)
d) 17(1)
6. When an URPF is recognized, the balance so transferred is called ………….
a) Recognized PF
b) Transferred PF
c) Recognized Balance
d) Transferred Balance
7. Bonus paid by the employer to the employee is …………
a) Fully Taxable
b) Partly Taxable
c) Fully Exempted
d) None of these
8. Gratuity is defined as per section ……….
a) 10(10A)
b) 10(10AA)
c) 10(10)
d) 10A
9. The highest Administrative Authority for Income Tax in India is............
a) Finance Minister
b) CBDT
c) President of India
d) Director of Income Tax
10. Payment made by an employer to employee monthly, other than salary is called ………….
a) Bonus
b) Allowances
c) Benefits
d) None of these