1. List out from the given statements the important ethical principles that a business should follow:
1. To take the necessary action for the development of the concerned industry or business
2. Pay taxes and discharge other obligations promptly
3. To ensure the best utilisation of the human resources
4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.
5. Ensure payment of fair wages and fair treatment of employees
1. To take the necessary action for the development of the concerned industry or business
2. Pay taxes and discharge other obligations promptly
3. To ensure the best utilisation of the human resources
4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.
5. Ensure payment of fair wages and fair treatment of employees
2. Entertainment allowance for non-government employees are:
3. In tax laws, donation to approved and notified association for scientific research is allowed as:
4. Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?
5. Where a person derives income from a nation with which India does not havea DTAA, such person is given credit in India in which of the following manner?
6. The revenue expenditure on research incurred by the assesses himself is allowed for deduction only if
7. If the agricultural land is used for tea plantation, then the tax liability is:
8. Match List-I with List-II and select the correct answer:
List I
List II
a. Sec 6 (i)
1. Agriculture Income
b. Sec 10AA
2. Leave Travel Concession
c. Sec 10(1)
3. Resident
d. Sec 10(5)
4. Leave Salary
Choose the correct option from those given below:
| List I | List II |
| a. Sec 6 (i) | 1. Agriculture Income |
| b. Sec 10AA | 2. Leave Travel Concession |
| c. Sec 10(1) | 3. Resident |
| d. Sec 10(5) | 4. Leave Salary |
Choose the correct option from those given below:
9. Which of the following is not a capital asset under capital gains head of income?
10. Match List-I with List-II and select the correct answer:
List-I
List-II
a. Tax planning
1. Making suitable arrangement of TDS
b. Tax avoidance
2. Understatement of income
c. Tax evasion
3. Availing deduction under Section 10 (A) of IT Act
d. Tax administration
4. Misinterpreting the provisions of the IT Act
| List-I | List-II |
| a. Tax planning | 1. Making suitable arrangement of TDS |
| b. Tax avoidance | 2. Understatement of income |
| c. Tax evasion | 3. Availing deduction under Section 10 (A) of IT Act |
| d. Tax administration | 4. Misinterpreting the provisions of the IT Act |
Read More Section(Income Tax and Corporate Tax)
Each Section contains maximum 100 MCQs question on Income Tax and Corporate Tax. To get more questions visit other sections.
- Income Tax and Corporate Tax - Section 2
- Income Tax and Corporate Tax - Section 3
- Income Tax and Corporate Tax - Section 4
- Income Tax and Corporate Tax - Section 5
- Income Tax and Corporate Tax - Section 6
- Income Tax and Corporate Tax - Section 7
- Income Tax and Corporate Tax - Section 8
- Income Tax and Corporate Tax - Section 9