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

The HUF is said to be resident in India if:

Consider the following statements.
1. Tax planning is not essential for every assessee, while tax management is essential for every person, otherwise he may be liable for penal interest, penalty and prosecution.
2. In tax planning alternative economic activities are studied and an activity with least incidence of tax is selected. Where as tax management includes maintenance of accounts in prescribed form. Get these audited, filling the required forms and returns, payment of taxes etc.
3. Tax planning always done in isolation.
4. Tax planning is guide in decision making, while tax management is a regular feature of an undertaking.
Which of the statement(s) given above is/are correct?

Donation to National Children's Fund will come in which of the following deduction under Section 80G of Income Tax Act, 1961?

Quoting of Permanent Account Number is mandatory in case of sale or purchase of any immovable property valued at

Under Section 80E of the Income Tax Act, 1961 deduction in respect of payment of interest on loan taken for higher education shall be allowed up to:

The rate of TDS on income from winning from lottery, crossword puzzle, card game is

Revised return can be furnished within which of the following time framework from the end of the month in which the said APA was entered into?

If an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is:

Which of the following statement(s) is/are true?
1. Section 147 is related to re-assessment.
2. Section 148 is related to regular assessment.
3. Section 145 is related to best judgement assessment.
4. Section 140A is related to self-assessment.

For the purpose of assessment under Income Tax Act, 1961, which combination of the following represent income?
1. Tax-free salary from the private sector employer
2. Pin money received by a family member
3. Awards received by the sports person
4. Loss incurred by the assessee
5. Perquisites received by employees
Select the correct one from the options given below