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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-8

Each section contains 100 MCQs on Income Tax and Corporate Tax .
91
Which of the following is a taxable income?
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Answer & Solution
Answer: Option C
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92
Age of senior citizen as per income tax
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Answer & Solution
Answer: Option D
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93
When the asset is purchased or acquired under hire-purchase/instalment system, the depreciation is . . . . . . . . in computing income.
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Answer & Solution
Answer: Option A
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94
Which of the following statement is true?
1. The due date of first instalment of advance tax is 15th July.
2. The due date of second instalment of advance tax is 15th September.
3. The due date of third instalment of advance tax is 15th January.
4. The due date of final instalment of advance tax is 15th March.
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Answer & Solution
Answer: Option B
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95
The provisions regarding TDS on Salaries are contained in:
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Answer & Solution
Answer: Option C
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96
Interest under Section 234B is payable by an assessee due to the following reason
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Answer & Solution
Answer: Option B
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97
Who will sign return of income of HUF?
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Answer & Solution
Answer: Option B
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98
Under section 56 of the Income-tax Act, any amount of money received in excess of Rs. 50,000 without consideration is fully taxable in the hands of:
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Answer & Solution
Answer: Option B
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99
Which of the following statements is/are correct?
1. A foreign company can be a domestic company.
2. There is no difference between an Indian company and a domestic company.
3. The control and management of a company should be examined for each previous year as the company many change the place of its control and management and consequently its residential status may also change.
Select the correct answer using the options given below
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Answer & Solution
Answer: Option A
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100
Income chargeable under the head 'Profits and Gains from Business or Profession' is covered under:
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Answer & Solution
Answer: Option B
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