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-2 section-2

In which of the following cases, income of previous year is assessable in the previous year itself?

A) A person in employment B) A person engaged in illegal business C) A person who is running charitable business D) A person leaving India permanently

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Answer & Solution

Answer: Option D

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Agricultural income of Pakistan is taxable for

A) Extraordinary resident B) Resident C) Non-resident D) Not taxable

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Answer & Solution

Answer: Option B

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Which of the following is the acknowledgement of filing the return of income?

A) ITR-4 B) ITR-V C) Form 26AS D) Form 26QB

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Answer & Solution

Answer: Option B

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Central Government may enter into an agreement, with the government of any country outside India under Section 90 for granting relief in respect of

A) income, where income tax has been paid both in India and in country of residence of taxpayer B) income on which income tax is chargeable under the IT Act and under the corresponding law in force in that country C) Both A and B D) None of the above

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Answer & Solution

Answer: Option C

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Under the Head Income from House Property, which of the following is the basis of charge of Property?

A) Annual value B) Quarterly value C) Half-quarterly value D) None of the above

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Answer & Solution

Answer: Option A

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Person is defined u/s . . . . . . . .

A) 2(31) B) 2(36) C) 1(9) D) 2(45)

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Answer & Solution

Answer: Option A

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Residence rule provides that income is to be taxed in the country

A) where the recipient of income is a resident B) where it originates C) Both A and B D) None of the above

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Answer & Solution

Answer: Option A

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Application for applying a PAN is given in form no.

A) 48C B) 49A C) 42B D) 54

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Answer & Solution

Answer: Option B

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Basic condition will be for a person who leaves India for employment

A) At least 182 days in India B) At least 60 days in previous year and 365 days in preceding 4 years C) At least 730 days in preceding 7 years D) All of the above

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Answer & Solution

Answer: Option A

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The period of 12 months commencing on the first day of April every year and ending on 31^st March is called as:

A) Previous Year B) Assessment year C) Accounting Year D) Financial Year

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Answer & Solution

Answer: Option B

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