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-1 section-2
Each section contains 100 MCQs on
Income Tax and Corporate Tax .
Which of the following is/are agricultural income?
1. Income from growing flowers and creepers.
2. Income from dairy farming.
3. Rent for agricultural land received from sub-tenants by mortgagee in possession.
Select the correct answer using the options given below
Consider the following statements. Assertion: Tax avoidance is an art of avoiding tax without actually breaking the law. Reason: Avoidance of tax is not illegal.
In case of make or buy decision, the product is consumable one, raw material or required to replace a worn out part at the time of repair, its cost will be treated as . . . . . . . . expense and deductible in computing the income.
Under Section 194B and 194BB of Income Tax Act, tax is deductible @ . . . . . . . . on payment in respect of winnings from lotteries or cross word puzzles etc.
