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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-6

Each section contains 100 MCQs on Income Tax and Corporate Tax .
91
In which of the following assessment procedure, assessees compute his taxable income as well as tax on it?
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Answer & Solution
Answer: Option C
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92
In Tax credit method,
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Answer: Option A
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93
Scholarship received by a student to meet the cost of education is
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Answer: Option B
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94
Which of the following reason shall be deemed as the income has escaped assessment?
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Answer: Option D
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95
Under the Income Tax Act, 1961 the education cess of (2% + 1%) is calculated on the amount of:
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Answer: Option B
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96
Which of the following section applies, if a person is required to deduct tax under PAN in place of TAN as such person is not required to obtain TAN?
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Answer: Option D
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97
On salary payable by the Government of India outside India to an Indian citizen-
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Answer: Option B
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98
A Ltd has a wholly owned subsidiary in Sri Lanka and it extends corporate guarantee to the said non-resident subsidiary. If the amount guaranteed is Rs. 95 crore, the assessing officer has to accept the guarantee fee declared by A Ltd for financial year 2018-19, if the guarantee fee declares is
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Answer & Solution
Answer: Option C
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99
The income from the sale of a machinery used in business is treated as:
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Answer: Option B
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100
Mr. Ram owns a house property. He lent it to Laxman at Rs. 10,000 p.m. Laxman sublet it to Mr. Maruti on monthly rent of Rs. 20,000 p.m. Rental income of Ram is taxable under the head:
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Answer: Option C
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