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-7
Each section contains 100 MCQs on
Income Tax and Corporate Tax .
Alpha Ltd's total income of A.Y. 2019-20 has increased by Rs. 34 lakh due to application of arm's length price by the assessing officer on transactions of purchase of goods from its foreign holding company in respect of a retail trade business carried on by it, and the same has been accepted by S Ltd, then
Deduction under Section 80C to 80U are not allowed from the following incomes, although these incomes are part of gross total income.
1. Salary income
2. Long-term capital gains
3. Winnings of lotteries, race etc
4. Income by way of interest on safe deposit
5. Short-term capital gain on transfer of equity shares and units of equity oriented fund through a recognised stock exchange
Select the correct answer using the options given below
