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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-2 section-8

Each section contains 100 MCQs on Income Tax and Corporate Tax .
11
Tax is computed on agricultural income, when
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Answer & Solution
Answer: Option C
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12
Who can be an 'Not ordinary resident' in India?
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Answer: Option C
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13
Deduction u/s 37(1) is allowed under tax laws for those expenditures which are:
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Answer: Option A
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14
What is the difference between tax avoidance and evasion?
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Answer: Option C
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15
Identify the correct statement/s.
1. Legal provisions are not followed in tax-planning.
2. The advantage due to loopholes of tax laws are taking in tax avoidance.
3. Tax evasion is punishable crime.
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Answer: Option C
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16
The provisions relating to limitation of interest deduction in respect of debt issued by a non-resident associated enterprises are not applicable to an Indian company engaged in the business of
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Answer: Option B
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17
Which of the following statements are correct?
1. Charity received from customers is not business income
2. In connection with the statutory income tax preceding, expenses upto Rs. 20,000 are admissible
3. Expenses incurred for issuing share are deductible
Select the correct answer using the options given below
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Answer: Option A
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18
Match List-I with List-II in context of Income Tax.
List-I (Sections) List-II (Deductions)
a. Section 80C 1. Pension Contribution
b. Section 80CCC 2. Deductions on Investments
c. Section 80CCD 3. Insurance Premium
d. Section 80TTA 4. Interest on Savings Account
e. Section 80GG 5. House Rent Paid
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Answer: Option A
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19
The income of a minor shall be added to the taxable income of his guardian, if the income-
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Answer: Option A
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20
Rate of interest on advance tax, if it is paid less than 90%
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Answer: Option B
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