Which of the following is NOT one of the 5 heads of income under the Income Tax Act? MCQ with Answer and Explanation

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Which of the following is NOT one of the 5 heads of income under the Income Tax Act?

A. Income from Capital Gains

B. Income from Exports

C. Income from Other Sources

D. Income from Salaries

Answer: Option B

Solution (By JKSSB Mock Tests)

The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for:

A. All businesses

B. Eligible businesses with turnover up to ₹2 crore

C. Companies

D. LLPs

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Correct Answer: Option B

Explanation:
Section 44AD applies to resident individuals/HUFs/firms (except LLP) carrying on eligible business.

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Question #2

The term 'Virement' in budgetary control refers to:

A. Auditing the budget

B. Increasing the total budget

C. Shifting funds from one budget head to another

D. Cutting the budget

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Correct Answer: Option C

Explanation:
Virement is the process of transferring funds from one budget head to another to meet unforeseen expenses without increasing the total budget.

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Question #3

S1: GST is levied on the supply of goods and services. S2: GST subsumed all indirect taxes in India. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S2 only

C. S1 only

D. Both S1 and S2

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Correct Answer: Option C

Explanation:
GST is a comprehensive indirect tax levied on the supply of goods and services. However, it did not subsume *all* indirect taxes; for example, basic customs duty, stamp duty, and electricity duties are still outside GST. S1 is correct, S2 is incorrect.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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