Tax Book 2023

Income From Other Sources Chapter- 13

(c) income from business

(d) income from property

Q.16 Any income that is not covered under any other head of income is covered under the head
“____”.
(a) Income from salary
(b) income from business
(c) Income from other sources

Q.17 Income from other sources earned by an AOP is ___.

(a) taxable

(b) exempt

(c) allowed as deduction against other incomes

(d) all of above

Q.18 Profit on debt may be treated as _____.

(a) Income from salary

(b) business income

(c) Income from other sources

(d) both ‘b’ or ‘c’

Q.19 Income from school is chargeable to tax under head ___.

(a) Income from salary

(b) income from business

(c) Income from other sources

(d) both ‘b’ or ‘c’

Q.20 Profit on debt received in __ can be adjusted in the respective tax year by exercising option in
writing.
(a) arrears
(b) advance
(c) none of above

Q.21 Unexplained income is chargeable to tax under __.

(a) income from salary

(b) business income

(c) income from other sources

(d) income from property

Q.22 Additional payment on delayed refund is __.

(a) exempt

(b) taxable as business income

(c) taxable under “income from other sources”

(d) taxable under “income from salary”

Q.23 Bonus issue received by a shareholder is ____.

(a) taxable

(b) not taxable