A registered political party have income during the year 2018-19 of banks interest ₹5,00,000, rent from letting of building ₹3,00,000 and voluntary contribution by cheque ₹8,00,000. Total income chargeable to tax under s

CS Executive · Tax Laws and Practice · PYQS · June 2019
A registered political party have income during the year 2018-19 of banks interest ₹5,00,000, rent from letting of building ₹3,00,000 and voluntary contribution by cheque ₹8,00,000. Total income chargeable to tax under section 13A of the Income Tax Act, 1961 for the A.Y. 2019-20 of the political party shall be :
(A) ₹5,00,000
(B) ₹8,00,000
(C) ₹16,00,000
(D) NIL

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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