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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-6

Each section contains 100 MCQs on Income Tax and Corporate Tax .
51
Who will sign return of income in case of political party?
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Answer: Option A
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52
Taking full advantage of loopholes of law so as to attract least incidence of tax is known as
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Answer: Option B
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53
Dividend paid by Indian company outside India as per Section 9(1)(iv) is deemed as
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Answer: Option B
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54
The authority for advance ruling in income-tax is appointed by:
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Answer: Option C
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55
Under Income Tax Act, the income liable for tax is classified on the basis of
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Answer: Option D
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56
Which of the following capital expenditure is not allowed deduction?
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Answer: Option C
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57
Which of the following penalty has been prescribed under the Income-tax Law for quoting incorrect Tax Deduction Account Number or Tax Collection Account Number (as the case may be)?
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Answer: Option C
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58
What can the worst-case scenario be for a firm that has subsidiaries that use cost-based transfer pricing?
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Answer: Option D
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59
Which of the following acts has provision for 'compensation' received on voluntary retirement under Income Tax Act, 1961?
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Answer: Option B
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60
X is an individual. For the assessment year 2012-13 his gross total income is Rs. 3,40,000. Tax on it is Rs. 16,480. To reduce his tax liability, he deposits Rs. 50,000 in public provident fund account. Consequently, his taxable income and tax liability will be reduced to Rs. 1,10,000 and Rs. 11,330 respectively.
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Answer: Option B
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