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

An ordinarily resident is who follows:

If a person is resident in any previous year, then in the next previous year

Under the Income Tax Act, 1961 "block of assets" for the purpose of charging depreciation means:

A non-resident entity or the foreign company having an IT-enabled BPO in India, would be liable to tax in India only if:

Under which of the following situations, the appellate tribunal can rectify the mistake in the order passed by it Under Section 254 (2) of Income Tax Act?
1. If subsequent decision of the Supreme Court/High Court is available on the subject after the appellate tribunal's order.
2. If an assessee apply for rectification of the tribunal's order by raising fresh grounds before the tribunal.
3. If the omission or mistake is on the part of appellate tribunal.
4. If the order is passed by the appellate tribunal under an erroneous impression of fact or law.
Select the correct answer:

Assertion (A): Tax evasion is undertaken by employing unfair means.
Reason (R): Payment of tax is avoided through illegal means or fraud for tax evasion.

Arrange the steps to e-filing of Income Tax Return in correct sequence:
1. Register yourself
2. Verify ITR V
3. Select the requisite form
4. Fill form and upload
Choose the correct option from those below:

If the taxable income of a domestic company for the Assessment Year 2011-12 is Rs. 9,00,000, its tax liability will be

Tax planning is honest and right approach to attain the maximum benefit of taxation laws within its framework only. Objectives of tax planning are:
1. Productive investment
2. Un-healthy growth of economy
3. Minimisation of litigation
4. Increase in tax liability.

Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if