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

For persons carrying on profession, tax audit is compulsory, if the gross receipts of the PY exceed

Which of the conditions apply, in case the interest on loan paid by the Government of India to a non-resident outside India is applied?

The provision regarding TDS is given under . . . . . . . . of income tax.

Entertainment allowance is the fund given to an employee by the company to pay for client meetings drinks, food, hotel stay, etc. Entertainment allowance is fully taxable for employees working in the case of:

In the following cases, it cannot be said that the business has been discontinued
1. Where the business of the assessee has been shifted from one premises to another.
2. Where the business of the assessee has been shifted from one market to another.
3. Where one or the other department of the business had been closed down.
4. Where the business of an industrial undertaking carried on in India is discontinued in any previous year, due to extensive damage and such business is reestablished with in 3 years.
Select the correct answer using the options given below

Which one of the following deductions will not come under Section 80 of the Income Tax Act?

Which of the following type of transactions cannot be exhaustively covered by the provisions of Permanent Establishment covered in DTAA?

Any term used in DTAA with a foreign country and not defined in the agreement or the act but assigned a meaning in the notification issued by the Central Government in the official gazette, shall have the meaning assigned in such notification and shall be effective from the

Exempted income is:

If an assessee is engaged in the business of growing and manufacturing tea in India, the portion of agricultural income in that case shall be