Agricultural Income Multiple Choice Questions
1. Agricultural income defined u/s
A. sec 2(1A)
B. Sec 2(2A)
C. Sec 1(2A)
D. None of the above
2. Agricultural income related to
A. Capital
B. Land
C. Machinery
D. None of the above
3. Agricultural income includes
A. Cultivation
B. Farm house building
C. Agricultural activities
D. All of the above
4. Rule 7applicable to all except
A. Tea, coffee, and rubber
B. Samosa, aluchop, biribada
C. Pan ,pudia, bhang
D. None of the above
5. Non-agricultural income formulas = sale proceeds of industrial product – M.V. of agricultural produce used as raw material – industrial expenses (except cost of cultivation)
A. False
B. True
C. Doubt
D. None of the above
6. Agricultural income formulas = M.V. agricultural produce used as raw material – cost of cultivation
A. True
B. False
C. Doubt
D. None of the above
7. Rule 8related to
A. Gas manufacturing
B. Tea manufacturing
C. Pan card business
D. None of the above
8. Income from coffee manufacturing has been divided as
A. 75% as agricultural income & 25% as business income
B. 25% as agricultural income & 75% as business income
C. 40% as agricultural income & 60% as business income
D. None of the above
9. Profit from tea manufacturing has been divided as
A. 40% as agricultural income & 60% as business income
B. 60% as agricultural income & 40% as business income
C. 75% as agricultural income & 25% as business income
D. None of the above
10. Income from rubber manufacturing has been divided as
A. 35% as agricultural income & 65% as business income
B. 75% as agricultural income & 25% as business income
C. 65% as agricultural income & 35% as business income
D. None of the above
11. Nonagricultural income is
A. fishery
B. mining
C. dairy income
D. All of the above
12. Partly agricultural income is from
A. nursery
B. Tea garden
C. Self-growing tree
D. None of the above
13. Agricultural income is considered while calculating tax if it is
A. more than 10,000
B. more than 5,000
C. more than 5,000 and the non-agricultural exceed the basic income exemption limit
D. none of the above
14. Which income related to land is not agricultural income
A. income from mine
B. income from royalty from mine
C. income of a purchaser of standing crop
D. all of the above
15. income from building used for agriculture is computed as
A. income from capital gain
B. income from business and profession
C. income from house property
D. None of the above
16. losses from agricultural operation can be carried forward and set off with agricultural income for the next how many year…..?
A. 8 Assessment year
B.4 Assessment year
C.6 Assessment year
D. None of the above