Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations | Commerce

Deduction in respect of contribution to certain pension fund under Section 80CCC is available

In which of the cases the amount withdraw form Site Restoration Account shall not be taxable?
1. Amount withdrawn for the purpose specified in the scheme
2. Closure of business
3. Death of an assessee
4. Partition of HUF
5. Dissolution of a firm
6. Liquidation of a company
Select the correct answer using the options given below

The assessee lets on hire machinery, plant or furniture belonging to him and also building and the letting of the buildings is inseparable from the letting of the said machinery, plant and furniture, the income from such letting is chargeable to tax under the head:

Correct serial of head of income in Income Tax Law is:

Which of the following conditions are satisfied in case of sale of depreciable assets, in which assessee has claimed depreciation and sale was in even of discontinuance of business?
1. The difference between the net consideration and WDV shall be treated as short-term capital gain/loss.
2. If the difference between the net consideration and WDV results in gain, then it will be liable to tax.
3. If the difference between the net consideration and WDV results in loss, then it will set-off against any head.
Select the correct answer using the options given below

All income which arises to the minor child shall be clubbed in the income of his/her:

X Ltd is an Indian company. It carries own business in Mumbai and London. The entire control and management of X Ltd is situated outside India. Three-fourth of total income of the company is from the business in London, what is the residential status of X Ltd?

Return of income is submitted under which Section of Income-tax Act?

Which of the following is not a head of income under Income Tax Act?

Cost of issue of share is allowed as deduction in