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

A. any partner

B. major partner only

C. working partner only

D. sleeping partner only

A. Rs. 20,000

B. Rs. 14,000

C. Rs. 16,000

D. None of these

A. a-4, b-3, c-2, d-1

B. a-4, b-1, c-2, d-3

C. a-4, b-1, c-3, d-2

D. a-2, b-1, c-3, d-4

A. 194B

B. 194D

C. 194C

D. 188

A. Rs. 3,00,000

B. Original amount of royalty amount received

C. Rs. 3,00,000 or original amount of royalty amount received (whichever is less)

D. Rs. 2,50,000

A. 125% of the donation

B. 100% of the donation

C. 175% of the donation

D. 150% of the donation

A. It is tax avoidance

B. It is tax evasion

C. It is reduction in tax liability to minimum

D. Both A and B

A. McDowell and Co Ltd vs CTO

B. Vodafone International Holding BV vs UOl

C. Union of India vs Azadi Bachao Andolan

D. CIT vs Yokogawa India Limited

A. 30^th October

B. 30^th September

C. 31^st December

D. 31^st March

A. Transport allowance is fully taxable whether one is government or private servant

B. It is exempted @ Rs 800 per month whether one is government or private servant

C. It is taxable up to 50% of the total allowance received for the previous year whether one is government to private servant

D. It is fully exempted whether one is government or private servant

E. It is exempted in case of government servant up to the $${\frac{2}{3}^{{\text{rd}}}}$$ of the total allowance received during the previous year