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

A. Domestic tax laws are irrelevant while considering application of the provisions of a DTAA

B. Provisions of Income Tax Act, 1961 empower the Union Government to enter into tax treaties for relieving double taxation

C. Provisions of a DTAA overrides the provisions of domestic laws unless the latter are more beneficial for a taxpayer

D. In the absence of a DTAA, domestic tax laws provide unilateral relief to tackle double taxation

A. Agricultural income

B. Business income

C. Capital gain

D. None of the above

A. Overseas allowance

B. Tribal area allowance

C. House rent allowance

D. Dearness allowance

A. only in the OECD model convention

B. only in the UN model convention

C. only in the US model convention

D. Both A and B

A. company or firm

B. any university/college

C. chief executive officer of every political party

D. All of the above

A. Sir Lucas Paciolo

B. Sir Newton

C. Sir James

D. Sir James Wilson

A. Father's income

B. Mother's income

C. Father's income or mother's income whichever is greater

D. Both mother's and father's income

A. Income from Salary

B. Income from other sources

C. Income from Business & Profession

D. Income from House property

A. Rs. 50,000 per month

B. Rs. 40,000 per month

C. Rs. 25,000 per month

D. Rs. 15,000 per month

A. This can be under Section 115B(a) of the Income Tax Act, 1961

B. The book profit need not to be increased by inter alia, the amount of deferred tax debited to the profit and loss account

C. A and B

D. None of the above