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-9 section-6

Advance tax shall be payable during the financial year, only when the amount of such advance tax payable by the assessee during that year is

A) Rs. 10,000 or more B) Rs. 20,000 or more C) Rs. 30,000 or more D) Rs. 50,000 or more

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Answer & Solution

Answer: Option A

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Amount received from unrecognised provident fund is

A) taxable B) exempted C) 50% taxable and 50% exempted D) None of the above

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Answer & Solution

Answer: Option D

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Income of a person leaving India who has no present intention of returning to India is charged to tax in the previous year itself. In this case, the total income of such individual up to shall be charged to tax in that assessment year.

A) The probable date of his departure from India B) The end of the assessment year C) The end of the previous year D) The end of the previous year in which he leaves India

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Answer & Solution

Answer: Option A

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Which of the following is the casual income?

A) Interest received B) Dividend income C) Pension received D) Winning from lotteries

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Answer & Solution

Answer: Option D

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Due date for filing return of in case of firm, whose accounts are required to be audited is

A) 31^st July B) 31^st August C) 30^th September D) 31^st October

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Answer & Solution

Answer: Option C

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What type of transfer price involves crediting the market price to the selling division and debiting the variable cost to the buying division?

A) Two-part tariff B) Dual price C) Imposed transfer price D) Market based transfer price

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Answer & Solution

Answer: Option B

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Acrylic Ltd. sourced its new materials from Breeze Ltd. The relationship of associated enterprises would be established when Acrylic Ltd. buys raw material from Breeze Ltd. exceeding:

A) 50% of total raw material purchased B) 90% of total raw material purchased C) 25% of total raw material purchased D) 35% of total raw material purchased

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Answer & Solution

Answer: Option B

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An income by way of rent of agricultural land is:

A) Business income B) Agricultural Income C) Income from Other Sources D) Casual Income

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Answer & Solution

Answer: Option C

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The depreciation allowance is charged of written down value on intangible assets at the rate of:

A) 25% B) 15% C) 20% D) 30%

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Answer & Solution

Answer: Option A

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Which of the following is true for reverse merger?

A) Profits making company merges into loss making company B) The sick company retains its same C) Losses could be carried forward D) All of the above

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Answer & Solution

Answer: Option D

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