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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-8 section-7

Each section contains 100 MCQs on Income Tax and Corporate Tax .
71
Rule of previous year does not applicable to-
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Answer & Solution
Answer: Option D
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72
A legal entity that exists in one jurisdiction but is owned or controlled primarily by taxpayers of different jurisdiction is called:
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Answer: Option B
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73
As per Section 207, . . . . . . . . not having any income from business or profession is not liable to pay advance tax.
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Answer: Option D
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74
On receipt of the notice from the Assessing Officer to pay advance tax, if the taxpayer's estimate is lower than the estimate of the Assessing Officer, then he has to send intimation through which of the following Form No. to the Assessing Officer?
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Answer: Option D
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75
On fulfilling certain conditions, for an undertaking set up in special economic zones, deduction under Section 10AA of the Income Tax Act is allowed for
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Answer: Option C
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76
Gross Total Income (GTI) is calculated under income tax act:
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Answer: Option A
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77
Match List-I with List-II:
List-I List-II
a. 80TTA 1. Deduction in respect of payment of interest on loan taken for higher education
b. 80CCD 2. Deduction in respect of interest on loan taken for residential house property
c. 80E 3. Deduction in respect of interest on deposits in savings account
d. 80EE 4. Deduction in respect of contribution to national pension system
Choose the correct option from those given below:
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Answer: Option A
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78
A person who fulfils one basic condition and one additional condition is
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Answer: Option C
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79
A non-resident entity or the foreign company having an IT-enabled BPO in India, would be liable to tax in India only if:
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Answer: Option A
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80
If a concern has surplus capacity and even decide to buy a product, it may require to sell a part of its plant and machinery. In such a case, it may be liable to
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Answer & Solution
Answer: Option B
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