Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations | Commerce
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-6 section-1
Each section contains 100 MCQs on
Income Tax and Corporate Tax .
Which of the following statements is correct in regards to health and education cess?
1. Amount of income tax shall be increased by health and education cess.
2. Amount of income tax and surcharge shall be increased by health and education cess.
Select the correct answer:
The order of the Assessing Officer under section 210(3) requiring the taxpayer to pay advance tax on his current year's income may be passed during the financial year, but not later than:
Given is the information related to a house
Municipal Value (M.V.) Rs. 1,50,000
Fair Rent Rs. 1,80,000
Standard Rent Rs. 1,60,000
Actual Rent Rs. 20000
Municipal tax paid by owner is 20% of M. V. Unrealised rent 40,000 (conditions of rule 4 satisfied). What is the annual value of the house?
Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties. Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.
The following methods as per section 92C are used in determination of arm's length prices from international transactions and specified domestic transaction except:
