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-2
Each section contains 100 MCQs on
Income Tax and Corporate Tax .
Assume that Arjun has earned an income of Rs. 4 lakh by way of lumpsum consideration for copyright of book from a publisher in Country Y, with which India does not have a DTAA. The same has been taxed at a flat rate of 5% in Country Y. In India, his gross total income is Rs. 7 lakh. The double taxation relief available is
If a company is resident of two contracting states, namely, Country X, being the place of incorporation, and Country Y, being the place of effective management, then the company would be resident of Country Y, being the place of effective management as per
Which of the following statements are true?
(1) Proportional tax is based on the principle 'higher the income, higher the tax'.
(2) The tax will be economical if the cost of collection is very small.
(3) Income tax is a form of tax which is levied on individual's total earnings.
