Part A – Chapter 3 – Incomes which do not form part of Total Income MCQs – Set I

Incomes which do not included in the total income of assessee are called-

Gross Total Income means Aggregate of Incomes Under all heads of Income .

Total (taxable) Income means Aggregate of Incomes under all heads of Income .

Any Expenditure incurred to earn Exempt Income shall be allowed as ____ while computing income under any head.

Any sum received by an Individual as a member of HUF from the income of HUF shall be-

Share of the profits from the firm by the partner is-

Interest on any money standing to any Individual’s credit in Non-Resident External A/c in any bank in India is-

Exemption is available on Interest received by NR on money standing in NRE A/c only if to maintain such A/c.

Which of the following incomes are exempt u/s 10(6) in the hands of an Individual who is not a citizen of India?

____Paid by Government of India to a Citizen of India for rendering services outside India is Exempt u/s 10(7).

Government of India paid salary of Rs. 5 lacs & Allowances perquisites of Rs. 2.20 lacs to a person who is citizen of India for services rendered by him outside India. His taxable income will be _.

Any compensation received or receivable by a victim of Bhopal Gas leak disaster is-

Any amount received from CG, SG, Local Authority by Individual or his legal heir as compensation for any disaster is

Amount received from recognized provident fund after 5 years of continuous service is-

Which of the following payment received from Sukanya Samriddhi scheme is are Exempt?

Amount payable at the time of closure or opting out of National Pension Scheme referred to in section 80CCD shall be exempt to the extent of total amount payable.

Amount payable at the time of partial withdrawal out of National Pension Scheme referred to in section 80CCD shall be exempt to the extent___ of total amount payable.

Amount received by the nominee at the time of closure opting out of NPS referred to in sec 80CCD due to death of Assessee is exempt upto___ total amount payable

Interest on Gold Deposit Bonds &bonds issued by Local Authority

Mr. P traced a missing person & was awarded a sum of Rs. 1 lac but there was no agreement. Such sum is.

Notified allowances and perquisites received by the ____________ is exempt u/s. 10(45) of the Act

Under section 10(15) of the Act, interest on deposits with offshore banking unit is exempt in the hands of __________.

Out of the following, which receipt is exempt under Income Tax Act, 1961?

Out of the followings which income is not exempt?

Subject to certain conditions, in case of individual or HUF, the agriculture income (in India)

Income of which entity is not exempt under section 10 of the Act?

Under section 10(26AAA) of the Act, ______________is not eligible for exemption.

Family pension received by a widow of a member of the armed forces where death of the member has occurred in the course of the operational duties, is

Any compensation received from State or Central Government on account of any disaster is exempt under section 10(10BC) of the Act in the hands of_______.

Out of the following, which receipt is chargeable in the hands of member of State Legislature?

Amount received on buy back of shares of _________ is exempt under section 10(34A) of the Act, is eligible for exemption.

Under section 10(50) of the Act, exemption is available to any income arising from specified services provided and chargeable to ___________________ is exempt in the hands of any person.

Mr. Manak received educational scholarship of Rs. 60,000/- from Gujarat Secondary Education Board. He saved Rs. 20,000. Such saving is –

Under section 10(17A) of the Act, any award or reward received in _____________ given in the public interest by the Government is exempt.

Mr. X is liable for clubbing of income in respect of his three minor sons namely X1, X2, and X3. Incomes of X1, X2 and X3 for the particular previous year were Rs. 1200, Rs.1500/- and Rs.1800 respectively. Find out the net income to be clubbed in the Hands of Mr. X after claiming exemption u/s. 10(32).

Capital gain on compulsory acquisition of urban agricultural land subject to some conditions prescribed in section 10 (37) is exempt in the hands of :-

Under section 10(19) of the Act, family pension received by widow, children or nominated heir of member of __________ is exempt.

Amount received as loan under _________ is exempt under section 10(43) of the Income Tax Act.

Income from a farm house is……………………..

In case of an assessee engaged in the business of manufacturing of tea, his agricultural income shall be:

Any payment from an account, opened in accordance with the ___________ is exempt in the hands of an individual under section 10(11A) of the Act.

Income by way of rent of agricultural land is ………….

Identify the income(s) which is (are) exempt under the Income Tax Act?

The following incomes derived, received and earned during the previous year are not subject to tax being exempt under the Act:
(i) Money received by an individual as a member of HUF
(ii) Share of profit received by partner from LLP
(iii) Interest on Savings bank account
(iv) Income of SAARC Fund

WSP, a LLP had taken Key Men insurance policy on the life of its Managing Partner. The policy got matured on 13th September, 2021 and amount of ₹ 75 lakh was paid by the insurers to the Managing Partner. The amount so received on maturity of the policy by the managing partner:

The Income of Mr. A includes ₹ 40,000 income of his minor child. The amount exempt u/s 10(32) will be X

Sakshi received educational scholarship from his employer, of ₹ 14,000. Sakshi spend only ₹ 9,000 for cost of education and saved ₹ 5,000. The amount exempt u/s 10( 16) of the Income-tax Act, 1961 will be:

Mr. Sanskar received ₹ 50,000 as educational scholarship from Nehru memorial Trust (a charitable trust). The scholarship is to assist Mr. Sanskar for pursuing M.A. (History) at Jawaharlal Nehru University, New Delhi. The amount of scholarship liable to tax is:

Exemption to Member of parliament and state legislature is available u/s 10(17), in respect of the following allowances;
(i) Daily Allowance
(ii) Any other allowance received under Member of Parliament (Constituency Allowance) Rules, 1986.
(iii) Constituency allowance received by reason of his membership of any state legislature.

A professional institution satisfying the required conditions is exempt u/s 10(23A) from any income except:
(i) Income from house property
(ii) Income by way of interest on investment or
(iii) Income by way of dividend on investment.