Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations | Commerce

Income Tax and Corporate Tax MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Income Tax and Corporate Tax MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-1

Compulsory audit of account books is covered

A) Section 10 B) Section 44AB C) Section 21 D) Section 21AA

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is:

A) Taxable B) Not taxable C) Partially taxable D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The time to rectify the defect in return given by assessing officer, after given intimation of such defect by him is

A) 10 days B) 15 days C) 20 days D) 1 month

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Match List-I with List-II:

List-I	List-II
a. 80TTA	1. Deduction in respect of payment of interest on loan taken for higher education
b. 80CCD	2. Deduction in respect of interest on loan taken for respect of interest on loan taken for residential house property
c. 80E	3. Deduction in respect of interest on deposits in savings account
d. 80EE	4. Deduction in respect of contribution to national pension system

A) a-3, b-4, c-1, d-2 B) a-3, b-4, c-2, d-1 C) a-3, b-1, c-2, d-4 D) a-1, b-2, c-3, d-4

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Monthly pension on retirement is

A) Exempted Income B) Income from other sources C) Taxable Income under salary head D) Casual income

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Out of the following, which expense is not an admissible expense?

A) Bad debts B) Sales tax C) Income tax D) Excise duty

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which of the following expense/loss is not admissible as deduction while computing income from business and profession?

A) Stock-in-trade lost in fire Rs. 20,000 B) Entertainment expenses Rs. 10,000 C) Commission Rs. 2,000 paid in order to receive business D) Gift on the marriage of an employee

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward upto

A) 4 years B) 8 years C) 10 years D) indefinite period

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Under capital gains head of the Income Tax Act, the income from sale of Household Furniture is:

A) Taxable Income B) Capital Gain C) Revenue Gain D) Exempted Income

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

100

Factoring and forfeiting have not taken off in the Indian economy due to lack of expertise and experience. One is not included in the factoring services rendered:

A) Purchase of book debts and receivables B) Prepayment of debts partially or fully C) Giving advice D) Covering the credit risk of the suppliers

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board