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

The income charged under the head Business/Profession are:

Match List-I with List-II.

List-I	List-II
a. Tax Planning	1. To comply with the provisions of laws.
b. Tax Avoidance	2. To reduce tax liability by applying unfair means.
c. Tax Evasion	3. To reduce the tax liability to the minimum by applying script of law only.
d. Tax Management	4. To reduce tax liability by applying script and moral of law.

Income received in India whether occurred in India or outside India, the tax incidence in case of resident is:

Which of the following factors is not considered under the OECD model convention to determine the residence of an individual?

If the book profits of a partnership firm is Rs. 1,10,000, the remuneration admissible to working partners under Section 40(b) of the Income Tax Act, 1961 is

Which of the following statements is/are correct?
1. Any income, which is received in India, during the previous year by any assessee, is liable to tax in India, irrespective of the residential status of the assessee and the place of accrual of such income.
2. The day the individual enters India and the day he leaves India should both be treated as stay in India for calculating residential status of a person.
3. Presence in territorial water of India would also be regarded as presence in India.
Select the correct answer using the options given below

The salary received by the manager of an agricultural farm is

In which of the following cases, the house property income is exempt from tax?

Second instalment of advance tax payable falls due on or before

Where an assessee is eligible to claim the DTAA benefit?