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

An exercise undertaken to minimise tax liability through the best use of all available allowances, deductions, exclusions, exemptions etc to reduce income tax liability is known as

Which of the following alpha numeric number that is issued by Income Tax Department applies in case of Tax Deduction Account Number or Tax Collection Account Number (TAN)?

Which of the following statements apply in case of depreciation?
(1) Depreciation is applied as per written down value of each block of asset.
(2) Depreciation is applied in case of tangible assets (buildings, machinery, plant or furniture) and Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature).
(3) If the asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above.
(4) Additional depreciation shall be allowed at 20% of actual cost of certain new plant and machinery.

Which of the statement/s is/are true in context of methods of depreciation?

Rectification of mistake is covered under Section

R Ltd, a German company, which is non-resident in India, earned the following income by way of fee for technical services. Advice about the taxability of such income in the hands of R Ltd in India.
1. Government of India paid Rs. 20,00,000 under an agreement, to be used for a project in India.
2. S Ltd, an Indian company, paid Rs. 30,00,000 for the know-how to be used in India.
3. Y Ltd, an Indian company, paid Rs. 40,00,000 for know-how acquired in Germany to be used in China.
4. Z Ltd, a non-resident company paid Rs. 24,00,000 for acquiring a know-how to be used in India for carrying on certain manufacturing business.
Select the correct answer using the options given below

DTC is related to:

An Indian citizen who goes abroad for employment shall have to stay in India for atleast how many days to be resident-

As per the following section, 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'?

Quoting of PAN is compulsory in case of sale/purchase of any immovable property valued at