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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-4

Each section contains 100 MCQs on Income Tax and Corporate Tax .
91
A price on goods and services sold by one member of a corporate family to another, such as from a parent to its subsidiary in a foreign country, is known as
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Answer & Solution
Answer: Option D
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92
Mr. Pawan was born on 18th April, 1986 in India and later he took citizenship of USA. Neither his parents nor his grandfather were born in undivided India. In this situation Mr. Pawan will be called
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Answer: Option C
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93
In case total income is enhanced by the Assessing officer by virtue of application of transfer pricing provisions:
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Answer: Option B
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94
Which of the following is not taxable under the head salaries?
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Answer: Option D
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95
Any rent or revenue derived from land which is situated in India and is used for agricultural purpose is:
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Answer: Option C
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96
The income of rent received from agricultural land is
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Answer: Option A
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97
Consider the following statements.
1. The aggregate amount of deduction under Sections 8oC to 8oU can exceed gross total income.
2. If a deduction is allowed under the above sections to the AoP or Bol, then deductions for the same payment/income will not be allowed to the members of the AoP/BoI.
3. Deduction is allowed only when it is claimed in his return under the heading "C Deductions in respect of certain incomes."
Which of the statement(s) given above is/are correct?
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Answer: Option D
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98
Rental income received by a foreign individual, from another foreign individual, in respect of the property situated in Delhi is taxable in the hands of:
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Answer: Option D
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99
The Payment of Gratuity Act came into force in:
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Answer: Option D
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100
Rate of depreciation on residential building is:
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Answer: Option D
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