Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations | Commerce

A. Section 54

B. Section 54D

C. Section 54EC

D. Section 54F

A. 60 years

B. 75 years

C. 80 years

D. 82 years

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

A. Income from sale of wild grass

B. Income from fisheries

C. Royalty income of mines

D. All of the above

A. 10(23C)

B. 10(80G)

C. 10(10B)

D. 10(23D)

A. Section 80G

B. Section 80GGB

C. Section 80GGC

D. Section 80GGD

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

A. Agricultural income

B. Amount received from H.U.F.

C. Contingency income

D. All of the above

A. Income from House Property

B. Income from Other Sources

C. Income from Capital Gain

D. None of the above

A. 182 days or more

B. 73 days or more

C. 365 days or more

D. 146 days or more