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-1 section-5

A company sold a residential house. Under which Section, the company can get exemption on long-term capital gains?

A) Section 54 B) Section 54D C) Section 54EC D) Section 54F

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Answer & Solution

Answer: Option C

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A very senior citizen for income tax is a person whose age is more than the following-

A) 60 years B) 75 years C) 80 years D) 82 years

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Answer: Option C

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What is the time limit for filing revised return at present year?

A) With in the assessment B) Before the expired of one year from the end of the relevant assessment year C) Before the expiry of two years from the end of the relevant assessment year D) Before the completion of assessment even if it takes more than one year from the end of the relevant assessment year

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Answer & Solution

Answer: Option B

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Non agricultural income includes-

A) Income from sale of wild grass B) Income from fisheries C) Royalty income of mines D) All of the above

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Answer: Option D

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An educational institution whose object is not to make profit under which section the income is exempt from tax?

A) 10(23C) B) 10(80G) C) 10(10B) D) 10(23D)

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Answer: Option A

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Mr. Varma contributed to a political party; he can avail deduction under:

A) Section 80G B) Section 80GGB C) Section 80GGC D) Section 80GGD

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Answer: Option C

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Which of the following statement/s is/are correct?

A) Education cess is an additional levy on the basic tax liability. Governments resort to imposition of cess for meeting specific expenditure B) Both corporate and individual income is at present subject to an education cess of 2% C) The government imposed additional 1% cess in FY08 to finance secondary and higher education. Thus, the total education cess currently stands at 3% D) All of the above

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Answer: Option D

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Which income is tax free?

A) Agricultural income B) Amount received from H.U.F. C) Contingency income D) All of the above

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Answer: Option D

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Rent received by original tenant from sub-tenant is taxable under the head:

A) Income from House Property B) Income from Other Sources C) Income from Capital Gain D) None of the above

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Answer: Option B

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From FY 2020-21, a citizen of India or a person of Indian origin who leaves India for employment outside India during the year will be a resident and ordinarily resident if he stays in India for an aggregate period of:

A) 182 days or more B) 73 days or more C) 365 days or more D) 146 days or more

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Answer: Option A

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