Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

Home

Competitive Exams MCQs

Aptitude English Verbal Reasoning Non Verbal Reasoning General Knowledge(GK) General Science(GS) Data Interpretation(DI) Banking Awareness Current Affairs

Computer Fundatmental MCQs

Computer Fundamentals Microsoft Word Microsoft Excel MS Power Point Tally Operating System Python AI(Artificial Intelligence)

Engineering Subjects MCQs

Computer Science Electronics & Communication Mechanical Engineering Civil Engineering Electrical Engineering

More Engineering MCQs

Chemical Engineering Automobile Engineering Biotechnology Mining Engineering Geological Engineering Metallurgical Engineering

Engineering Core

Engineering Mathematics Engineering Physics Engineering Chemistry

Computer Fundamentals MCQs

Computer Fundamentals Microsoft Word Microsoft Excel MS Power Point Tally Operating System Networking Database SQL MySQL

Programming MCQs

C Programming C++ Programming Java Python PHP JavaScript

Advanced Programming MCQs

Artificial Intelligence Machine Learning Data Science Cloud Computing Hadoop IoT

Graduation & PG

Commerce Management Law Agriculture Sociology Psychology Home Science Mass Communication Political Science Psychology

Resources

Current Affairs Interview Blog

Exam Categories

SSC Exams Railway Exams All Exams

SSC Exams

SSC CGL SSC CHSL SSC MTS SSC CPO SSC GD SSC JHT SSC Selection Post SSC Stenographer SSC JE

Railway Exams

RRB ALP RRB Technician RRB Section Controller RRB JE RRB Paramedical RRB Group D

Popular Exams

SSC CGL SSC CHSL SSC MTS RRB NTPC (Graduate) RRB Group D RRB ALP RRB Technician RRB Section Controller

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-3 section-2

Each section contains 100 MCQs on Income Tax and Corporate Tax .

As per the definition of Income, the income includes which of the following?

A) Profits and gains B) Dividend declared C) Voluntary contribution received by a trust created D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Income received in India or deemed to be received in India shall be taxable for

A) All assesses B) Residents C) Not ordinarily residents D) Non-Residents

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Value of rent-free accommodation or a house owned by employer in case of nongovernment employees with above 25 lakh population is:

A) 15% of employee salary B) 7.5% of employee salary C) 20% of employee salary D) 10% of employee salary

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Deduction from annual value is allowed under:

A) Section 24 B) Section 25 C) Section 27 D) Section 28

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Two enterprises shall be deemed to be associated enterprises if, at any time during the previous year, one enterprise guarantees not less than . . . . . . . . of the total borrowings of the other enterprise.

A) 15% B) 51% C) 26% D) 10%

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which one of the following is agricultural income under Income Tax Act?

A) Income from the land used for storing agricultural produce B) Dividend from a company engaged in agriculture C) Income from dairy farm, poultry farm, etc D) Income from the sale of replanted trees where denuded parts of the forest are replanted and subsequent operations in forestry are carried out

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following conditions must be satisfied to charge the rental income under the head Income of House Property?

A) The property should consist of any buildings or lands B) The assessee should be one of the property C) The property should not be used by the owner for the purpose of business or professional purpose D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following forms is required for claiming Tax Residency Certificate?

A) 10F B) 10E C) 10H D) 10C

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

An assesses, after sale of house property, receiving arrears of rent (is/is not) chargeable to tax; the same computed in the stipulated manner, is chargeable to tax as:

A) Income from House Property B) Income from Other Sources C) Either A or B D) Neither A nor B

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

Which among the following are necessary documents to file Income Tax Return for an employed person in India?
1. Aadhar Card
2. PAN Card
3. Form No. 16 issued by employer
Select the correct answer using the options given below

A) Only 1 B) Both 1 and 2 C) Both 2 and 3 D) All of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

1 2 3 4 5 6 7 8 9 10

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