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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-7 section-8

Each section contains 100 MCQs on Income Tax and Corporate Tax .
61
Which one of the following statements is not correct with reference to the assessment of firms?
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
62
Which business losses are allowed?
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
63
Which of the following statements is/are true?
1. Tax-shield on depreciation and interest is an important variable both for the lessor and the lessee.
2. Lease transactions in India are governed by the Lease Act.
3. A lessee should evaluate the lease options against the buying option.
4. As per AS-19, financial lease is shown in the balance sheet of the lessee as an asset.
Choose the correct answer from the options given below:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
64
Certain donations are deductible from GTI under section . . . . . . . . of Income Tax Act.
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
65
The 5th character of the PAN indicate
Discuss
Answer & Solution
Answer: Option D
Solution:
The correct answer is Option D: first letter of the last name of the assessee.

Here's why:

A PAN (Permanent Account Number) is a 10-character alphanumeric identifier.
The 5th character specifically provides information about the PAN holder's identity.

If the PAN is for an individual, the 5th character represents the first letter of their last name (surname).

The other options are incorrect because:
Option A: The PAN doesn't use the first letter of the first name in the 5th position.
Option B: The PAN doesn't use the first letter of the middle name.
Option C: The PAN doesn't use the last letter of the first name.
66
Which of the following number of parameters have been outlined by OECD to consider whether jurisdiction is tax haven or not?
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board
67
Match the following.
List-I List-II
a. Deduction in respect of income of cooperative societies 1. 100% of such income or Rs. 3,00,000, whichever is less
b. Deduction in respect of royalty on patent 2. Maximum of Rs. 10,000
c. Deduction in respect of interest on deposits in saving account 3. 100% of profit, but in some case amount is fixed at Rs. 50,000/Rs. 1,00,000
d. Deduction in respect of contribution to certain provident funds 4. Maximum of Rs. 1,50,000
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
68
Interest under Section 234A is payable by an assessee due to the following reason
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
69
The carry forward of losses is permissible if the return of income for the year in which loss incurred is:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
70
Which of the followings are correct in context of Tax Deducted as Source?
1. Form 24Q-TDS on Salaries
2. Form 26Q-TDS on payments other than Salaries
3. Form 27Q-TDS on payments made to Non-Residents
Discuss
Answer & Solution
Answer: Option D
No explanation is given for this question. Let's Discuss on Board