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CS Executive Practice Test: Agricultural Income & Exempted Incomes – CS Executive Tax Laws
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CS Executive Practice Test: Agricultural Income & Exempted Incomes – CS Executive Tax Laws
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16 Questions

1. 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.
The amount paid was by way of debit to the capital account of HUF engaged in the textile business. Is the amount of receipt chargeable to tax
2. If non-agricultural income is ₹ 4,52,000 and net agricultural income is ₹ 40,000, the tax liability of an individual assessee will be
3. Mr. Sridhar employed in KL Ltd. took voluntary retirement in December 2020 and received ₹ 2,00,000 from National Pension System Trust.
The amount so received chargeable to income-tax is:
4. The income of an assessee engaged in the business of growing and manufacturing tea in India is taxable to the extent of
5. 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.
Total income chargeable to tax u/s 13 A of the Income-tax Act, 1961 for the AY 2021 -22 of the political party shall be:
6. 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.
The amount of scholarship liable to tax is:
7. Tax holiday under Section 10AA in respect of newly established units in SEZ is allowed for a total period of
8. Incomes of two minor children are included in the income of their father.
Father is entitled to exemption u/s 10(32) up to
9. 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:
10. 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
11. 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:
12. 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
13. Tax holiday under Section 10AA in respect of newly established units in SEZ is allowed for a total period of
14. 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:
15. 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.
The amount of scholarship liable to tax is:
16. 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.
The amount paid was by way of debit to the capital account of HUF engaged in the textile business. Is the amount of receipt chargeable to tax

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