1. Deduction in respect of medical insurance premium is allowed under:
2. Under the Income-tax Act, 1961, dividend derived from the shares held as stock-in-trade are taxable under head:
3. For capital gain being long-term capital gain, an assessee should retain the asset for a period of
4. Consider the following conditions:
I. An individual is in India for a period of 182 days in the financial year in which he is getting his salary income.
II. An individual is in India for a period of 60 days or more during financial year in which he gets his salary and 365 days or more during 4 years immediately preceding to that financial year.
If one of the above conditions is satisfied, as per the provisions of Income Tax Act, 1961, he is:
I. An individual is in India for a period of 182 days in the financial year in which he is getting his salary income.
II. An individual is in India for a period of 60 days or more during financial year in which he gets his salary and 365 days or more during 4 years immediately preceding to that financial year.
If one of the above conditions is satisfied, as per the provisions of Income Tax Act, 1961, he is:
5. Which of the following are true in tax planning?
(i) It is futuristic in its approach.
(ii) It has limited scope compared to tax management.
(iii) The benefits arising from it are limited particularly in the short run.
(iv) Its main objective is to reduce the tax liability.
(i) It is futuristic in its approach.
(ii) It has limited scope compared to tax management.
(iii) The benefits arising from it are limited particularly in the short run.
(iv) Its main objective is to reduce the tax liability.
6. Loss from speculation business can be set-off against
7. Consider the following statements.
1. Concealment of income is a step of tax evasion.
2. Tax evasion is a immoral process.
3. Tax planning is long and short-term.
Which of the statement(s) given above is/are correct?
1. Concealment of income is a step of tax evasion.
2. Tax evasion is a immoral process.
3. Tax planning is long and short-term.
Which of the statement(s) given above is/are correct?
8. Which of the following statements are true?
9. For an individual, having income from salary or family pension and interest prescribed form
10. If any agriculture land is sold it is covered under the head
Read More Section(Income Tax and Corporate Tax)
Each Section contains maximum 100 MCQs question on Income Tax and Corporate Tax. To get more questions visit other sections.
- Income Tax and Corporate Tax - Section 1
- Income Tax and Corporate Tax - Section 2
- Income Tax and Corporate Tax - Section 3
- Income Tax and Corporate Tax - Section 4
- Income Tax and Corporate Tax - Section 5
- Income Tax and Corporate Tax - Section 6
- Income Tax and Corporate Tax - Section 7
- Income Tax and Corporate Tax - Section 8