ExamVeda
Login
Home

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-8 section-1

Each section contains 100 MCQs on Income Tax and Corporate Tax .
71
Match the items of List-I with the items of List-II and choose the correct answer:
List-I List-II
a. Compensation received by an employee from his employer on termination of job 1. Exemption up to 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 sources
d. Children hostel allowance 4. Fully exempt from tax
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
72
Which of the following part is not taxable as income under the head 'Salaries'?
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
73
Match the following items of List-I and List-II and select the correct answer:
List I (Sections) List II (Maximum Deduction)
a. Section 80C of I. T. Act 1. Rs. 10,000
b. Section 80D of I. T. Act 2. Rs. 40,000
c. Section 80 DDB of I. T. Act 3. Rs. 1,00,000
d. Section 80 TTA of I. T. Act 4. Rs. 15,000
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
74
Reduce tax liability by deliberately suppressing income or sale or by increasing expenses, etc., which results in reduction of total income of the assessee is called as:
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
75
Which of the following is based on the measures which circumvent law?
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
76
Income from a farm house is:
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
77
To determine the gross income of the taxpayer, the total of the income how many heads are there?
Discuss
Answer & Solution
Answer: Option C
No explanation is given for this question. Let's Discuss on Board
78
Income tax or demand notice or refund order is rounded off to
Discuss
Answer & Solution
Answer: Option A
No explanation is given for this question. Let's Discuss on Board
79
Set-off of losses of the firms is covered under Section
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board
80
Which of the following statements are incorrect?
1. Income tax is grouped in various slabs.
2. Income tax is not charged to progressive rate on increasing slabs of income.
3. A deemed assessee is liable to pay tax on behalf of another person.
4. Assessment year begins as on 1st January of every year.
5. Certain amount of income tax is exempt from income tax.
Select the correct answer using the options given below
Discuss
Answer & Solution
Answer: Option B
No explanation is given for this question. Let's Discuss on Board