Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

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-7 section-6

An individual is said to be resident in India if

A) It is in India in the previous year for a period of 182 days or more B) It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceed previous year C) All of the above D) None of the above

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Answer & Solution

Answer: Option C

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Arrange the steps to e-filing of Income Tax Return in correct sequence:
(1) Register yourself
(2) Verify ITR V
(3) Select the requisite form
(4) Fill form and upload
Choose the correct option:

A) (1) → (3) → (4) → (2) B) (1) → (2) → (3) → (4) C) (1) → (2) → (4) → (3) D) (3) → (1) → (4) → (2)

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Answer & Solution

Answer: Option A

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For how many assessment years unabsorbed depreciation can be carried forward for set-off?

A) 5 years B) 7 years C) 8 years D) Unspecified period

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Answer & Solution

Answer: Option D

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The children education allowance, the amount exempted from taxable income is limited to:

A) Rs. 100 per month per child up to 3 children B) Rs. 1,000 per year per child up to 2 children C) Rs. 100 per year per child up to 2 children D) None of the above

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Answer & Solution

Answer: Option C

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Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of:

A) 25% of annual value B) 10% of annual value C) 30% of annual value D) 20% of annual value

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Answer & Solution

Answer: Option C

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Which of the following statements are correct in context of short-term capital gains?

A) An asset held for a period of 36 months or less is a short-term capital asset B) The criteria of 36 months have been reduced to 24 months for immovable properties such as land, building and house property from FY 2017-18 C) Both A and B D) None of the above

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Answer & Solution

Answer: Option C

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Minimum Alternative Tax (MAT) under Section 115 JB of the Income Tax Act is applicable on:

A) Partnership firm B) Association of persons C) Certain companies D) All types of companies

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Answer & Solution

Answer: Option C

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Which authority has right to rectify the mistakes?

A) Lower authority B) The authority which has passed the order C) Higher authority D) Any of the above

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Answer & Solution

Answer: Option B

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Income received in India in previous year is taxable in the hands of:

A) Resident B) Non-resident C) Non-ordinarily resident D) All of these

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Answer & Solution

Answer: Option D

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To determine the net annual value:

A) The municipal tax actually paid for the current year and previous year is deducted B) The municipal tax for the current year is only deducted C) The municipal tax paid for the previous years along with the current year's due amount (if not paid) is deducted D) 50% of the previous year tax and 100% of the current year's tax if paid in current year is deducted E) No deduction is allowed for the previous year's tax and only current year's tax is deducted

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Answer & Solution

Answer: Option A

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