Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

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Income Tax and Corporate Tax MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Income Tax and Corporate Tax MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-5 section-2

Each section contains 100 MCQs on Income Tax and Corporate Tax .

When the portion of the house is self-occupied for the full year and portion is self-occupied for the whole year, the annual value of the house shall be determined by:

A) The full annual value of the house the proportionate annual value of self-occupied portion for the whole year shall be deducted B) Its present standard value C) All of the above D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

House property hold by a political party:

A) Fully taxable B) Partly taxable C) Exemption allowed 50% of the annual value D) Fully exempted E) Exempted only for a stipulated period of time

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which one of the following items is not allowed as deduction while computing income from business and profession?

A) Fees paid to the lawyer for drafting partnership deed B) Loss due to embezzlement by an employee C) Legal expenses paid to protect the building of the business D) Cost of installing a new telephone

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

Which of the following will be considered as agricultural income?

A) Income from live stock breeding B) Income from cattle breeding C) Income from juice centre D) Rent received from agricultural land

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Agricultural Income is exempt from tax under the following section of the income tax act

A) Section 15 B) Section 6 C) Section 10 D) Section 10(1)

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which one of the following does not describe a type of transfer pricing?

A) Cost based B) Negotiated C) Administered D) Target based

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Which of the following staternent/s is/are true?

A) As per section 194J, tax is to be deducted @ 10% from the payments made to any person who is engaged only in the business of call centre B) Tax is to be deducted under section 193 if any person pays any income by way of interest on securities to a resident as well as to a non-resident C) Both are true D) Both are false

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

Education cess of 3% is payable on:

A) Income tax B) Income tax plus surcharge C) Surcharge D) None of these

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Income from business commenced on 1^st March, 2018 will be assessed in the assessment year

A) 2017-18 B) 2018-19 C) 2019-20 D) 2020-21

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

Bilateral relief means a relief in which:

A) home country of the taxpayer provides tax relief, where no mutual agreement has been entered into by the two countries for providing relief double taxation B) government of two countries, enter into an agreement to provide relief against double taxation on mutually agreed basis C) Both A and B D) None of the above

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

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