All Courses
Get the App Signup / Login
Sign in Open App
B Com Exam  >  B Com Tests  >  Income Tax Laws  >  Test: Heads of the Income - B Com MCQ

Test: Heads of the Income - B Com MCQ


Test Description

10 Questions MCQ Test Income Tax Laws - Test: Heads of the Income

Test: Heads of the Income for B Com 2024 is part of Income Tax Laws preparation. The Test: Heads of the Income questions and answers have been prepared according to the B Com exam syllabus.The Test: Heads of the Income MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Heads of the Income below.
Solutions of Test: Heads of the Income questions in English are available as part of our Income Tax Laws for B Com & Test: Heads of the Income solutions in Hindi for Income Tax Laws course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Heads of the Income | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Income Tax Laws for B Com Exam | Download free PDF with solutions
Test: Heads of the Income - Question 1
Save

What is the primary criterion for an income to be taxed under the head "Salaries"?

Detailed Solution for Test: Heads of the Income - Question 1
For income to be taxed under the head "Salaries," it is essential that a relationship of an employer and employee exists. This relationship should be that of a master and servant, where the employer directs the work and the employee follows the instructions. This criterion ensures that the income is derived from employment and not from other sources.
Test: Heads of the Income - Question 2
Save

Under which section of the Income Tax Act does the computation of income under the head "Salaries" deal with?

Detailed Solution for Test: Heads of the Income - Question 2
The computation of income under the head "Salaries" is covered under Section 16 of the Income Tax Act. This section provides various deductions and exemptions related to salary income, allowing taxpayers to reduce their tax liability.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Test: Heads of the Income - Question 3
Save

When is salary deemed to accrue or arise at a particular place?

Detailed Solution for Test: Heads of the Income - Question 3
Salary is deemed to accrue or arise at a place where services are rendered. This means that the location where the employee performs their duties is the place where the salary is considered to be earned.
Test: Heads of the Income - Question 4
Save
Which of the following allowances is fully taxable under the head "Salaries"?
Detailed Solution for Test: Heads of the Income - Question 4
City Compensatory Allowance is an example of a fully taxable allowance under the head "Salaries." This allowance is paid to employees working in big cities to compensate for the high cost of living. The amount of this allowance is taxed along with the salary received.
Test: Heads of the Income - Question 5
Save
What is the primary criterion for an income to be taxed under the head "Income from Other Sources"?
Detailed Solution for Test: Heads of the Income - Question 5
Income is taxed under the head "Income from Other Sources" when it is not chargeable under any other head of income, such as salary, house property, business or profession, and capital gains. This category covers various types of income that do not fall under the other heads.
Test: Heads of the Income - Question 6
Save
For how many years does an asset need to be held to be considered a long-term capital asset?
Detailed Solution for Test: Heads of the Income - Question 6
An asset needs to be held for more than 3 years to be considered a long-term capital asset. If sold after this holding period, the gains arising from the sale will be taxed at concessional rates for long-term capital gains.
Test: Heads of the Income - Question 7
Save
Which type of income is exempted from tax under the head "Income from Other Sources"?
Detailed Solution for Test: Heads of the Income - Question 7
Dividend income received from an Indian company is exempted from tax under the head "Income from Other Sources" as per Section 10(33) of the Income Tax Act. However, dividend income from foreign companies is taxable.
Test: Heads of the Income - Question 8
Save
What happens if the consideration for the transfer of a property is less than the stamp duty value?
Detailed Solution for Test: Heads of the Income - Question 8
If the consideration for the transfer of a property is less than the stamp duty value, the stamp duty value is deemed to be the full value of consideration for the purpose of computing income under the head "Income from House Property."
Test: Heads of the Income - Question 9
Save
What is the primary criterion for an income to be treated as exempt under the head "Income from House Property"?
Detailed Solution for Test: Heads of the Income - Question 9
An income is treated as exempt under the head "Income from House Property" when the property is self-occupied. This means that if you live in the property yourself, the income from that property is not taxable under this head.
Test: Heads of the Income - Question 10
Save
Which type of income is fully taxable under the head "Income from Other Sources"?
Detailed Solution for Test: Heads of the Income - Question 10
Income from winnings from lotteries, crossword puzzles, races, card games, game shows, gambling, or betting is fully taxable under the head "Income from Other Sources." This includes income from various forms of games of chance.
27 videos|25 docs|12 tests
Join Course
Information about Test: Heads of the Income Page
In this test you can find the Exam questions for Test: Heads of the Income solved & explained in the simplest way possible. Besides giving Questions and answers for Test: Heads of the Income, EduRev gives you an ample number of Online tests for practice
27 videos|25 docs|12 tests
Join Course
Download as PDF

Important Questions for Heads of the Income

Find all the important questions for Heads of the Income at EduRev.Get fully prepared for Heads of the Income with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Heads of the Income syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Heads of the Income resources.

Heads of the Income MCQs with Answers

Prepare for the Heads of the Income within the B Com exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Heads of the Income Income Tax Laws

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Heads of the Income with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup