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

When a business concern requires a product or any part or component of the product for its existing unit, it has to decide whether it should make the product or buy it from other manufacturers. Various tax considerations with respect to these decisions are:
1. If the organization has surplus capacity and even decide to buy a product it may require to sell surplus plant and machinery. In such a case it may be liable to capital gains tax.
2. If a new undertaking is established to make the product which fulfils the conditions of section 80-IB/80-IC of the Act, a deduction is allowed to such undertakings.
3. If the product is a capital asset, its cost will not be allowed as a deduction in computing the income in both cases. But in both cases, the organization can claim depreciation.

The rate of TDS from winning from lottery:

To which of the following Income Tax Return form SUGAM is identified with?

The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is:

Specified person shall measure as per Section 194C

The technique of keeping the tax liability at the minimum level without violating tax laws and without defeating the main intention of law is called

Assertion (A) A person can not be liable to pay income tax for the income earned by the another person.
Reason (R) Income tax department is governed by the CBDT.
Which of the following is correct?

In order to claim relief under the tax treaty in India, a non-resident

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of . Advance tax is to be paid in different instalments. In case of assessees other than companies, the following is advance tax rate to be payable on or before of 15^th September:

Which of the following will make return defective, if not attached?