Tax Book 2023

Income From Other Sources Chapter- 13

Q.8. __ is treated as full and final discharge of tax liability of the recipient receiving amount under
FTR.
(a) Tax paid with the return
(b) tax deductible
(c) tax required to be collected
(d) both b and c

Q.9. Profit on special US Dollar Bonds on such deposited as were before 16- 12 - 1999 is ____.

(a) Fully exempt

(b) Exempt on proportionate basis

(c) Not exempt

(d) none of a to c

Q.10. Sales of irrigation water by an agriculturalist is _____.

(a) Exempted income

(b) taxable under income from property

(c) included in total income for rate purposes

(d) taxable under income from other sources

Q.11. Any expenditure incurred for earning of income from other sources __.

(a) Admissible

(b) inadmissible

(c) Admissible if according to the provisions of ITO, 2001.

Q.12. In case of profit on debt received in arrears and person wants to apply the tax rate that would have
been applicable if it is received in the relevant tax year then it should be received from the__ to
exercise such option.
(a) National Saving Centre Scheme
(b) Defence saving certificates
(c) Both (a) and) (b)

Q.13 All the expenditure to earn any __is allowed as deductions except capital expenditure.

(a) income from salary

(b) income from property

(c) dividend income

(d) income from other sources

Q.14 Ground rent is chargeable to tax under “income from _____”.

(a) property

(b) business

(c) salary

(d) other sources

Q.15 Gratuity received by the legal representatives after the death of employee will be included under head
____ of deceased person.
(a) income from salary
(b) income from other sources