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-6 section-4

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

Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:

A) 2 years have expired from the date of transfer B) 2 years have expired from the date of deposit C) 3 years have expired from the date of transfer D) 3 years have expired from the date of deposit

Discuss

Answer & Solution

Answer: Option C

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

Which of the following commodities is kept outside the purview of GST?

A) Tobacco products B) Petroleum products C) Edible oils D) Insurance products

Discuss

Answer & Solution

Answer: Option B

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

Which of the following sections of the Income Tax Act deals with interest, royalty, fees for technical services payable outside India or payable to a non-resident?

A) Section 40(a)(i) B) Section 40(a)(ii) C) Section 40(b)(i) D) Section 40(b)(ii) E) Section 40(b)(iv)

Discuss

Answer & Solution

Answer: Option A

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

Which of the following statements are true in context of Section 80C of Income Tax Act, 1961?

A) We can claim a deduction of Rs. 1.5 lakh our total income under section 80C B) We can reduce up to Rs. 1,50,000 from your total taxable income C) The section is available for individuals and HUFs D) All of the above

Discuss

Answer & Solution

Answer: Option D

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

Which one of the following is not an example of tax evasion?

A) Submitting misleading documents B) Not maintaining proper accounts of income earned C) Suppression of facts D) Interpreting the tax law in ones own way to minimise tax liability

Discuss

Answer & Solution

Answer: Option D

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

Transfer pricing is, arriving at the price for goods and services, which are transacted between

A) controlled legal entities within an enterprise B) independent entities within an enterprise C) Both A and B D) Neither A nor B

Discuss

Answer & Solution

Answer: Option A

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

Advance salary is taxable and advance against salary is:

A) Fully taxable B) Partially taxable C) Not taxable D) None of the above

Discuss

Answer & Solution

Answer: Option C

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

Deduction in respect of contribution to political party will . . . . . . . .

A) Be allowed in respect of sum paid by way of cash B) Not be allowed if payment made in cash C) This type of deduction is not allowed whether payment is in cash or not D) Be allowed if payment made in cash, subject to certain conditions

Discuss

Answer & Solution

Answer: Option B

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

The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?

A) Section 80C B) Section 80U C) Section 80D D) Section 80E

Discuss

Answer & Solution

Answer: Option A

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

Income from property held under trust for charitable or religious purposes is:

A) Exempted from tax B) Taxable @ 10% C) Taxable @ 20% D) None of the above

Discuss

Answer & Solution

Answer: Option A

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