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

Following income of the member of AoP/BoI will be deemed to income of AoP/BoI

In the tax treaties based on OECD and UN model tax conventions, where capital gains arises on alienation of an immovable property, such gains derived

Match the items of List-I with the items of List-II and choose the correct answer from the options given below.

List-I	List-II
a. Compensation received by an employee from his employer on termination of job	1. Exemption upto specified limit
b. Pension received by the widow of an employee	2. Profits in lieu of salary
c. Foreign allowance for rendering services abroad	3. Income from other abroad sources
d. Children hostel allowance	4. Fully exempt from tax

Which of the following receipt is revenue in nature as per Income Tax Act?
1. When any contract is entered into in the ordinary course of business, any compensation received for its termination would be a revenue receipt.
2. A receipt under a general insurance policy may be a revenue receipt, if the policy relates to circulation asset.
3. Forfeited security deposits would be revenue receipts, where they are related to the assessee's trading activity.
Select the correct answer using the options given below

Aggregate amount of deduction under 80C, 80CCC and 80CCD cannot exceed:

What do we mean by previous year?

In which Section of Income Tax Act, daily allowances received by members of parliament will be exempted?

Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer using the option given below.
Assertion (A) Among all methods of charging depreciation on fixed assets, diminishing balance method is the best method.
Reason (R) Diminishing balance method of charging depreciation has been permitted under the Income Tax Act, 1961 for claiming deduction for depreciation.

Gratuity is taxable under the head of income from:

Which of the following is not a case of deemed ownership of house property?