Which of the following statements is/are correct?
1. A foreign company can be a domestic company.
2. There is no difference between an Indian company and a domestic company.
3. The control and management of a company should be examined for each previous year as the company many change the place of its control and management and consequently its residential status may also change.
Select the correct answer using the options given below
A. Both 1 and 3
B. Only 3
C. Both 2 and 3
D. All of the above
Answer: Option A
Related Questions on Income Tax and Corporate Tax
A. 3, 4 and 5
B. 2, 4 and 5
C. 1, 2 and 3
D. 1, 3 and 5
Entertainment allowance for non-government employees are:
A. Fully exempted
B. Fully taxable
C. Partially taxable
D. Fully exempted in specified
E. Partially exempted in selected areas
In tax laws, donation to approved and notified association for scientific research is allowed as:
A. 125% of the donation
B. 100% of the donation
C. 175% of the donation
D. 150% of the donation
A. Both the Statements (I) and (II) are correct
B. Statement (I) is correct, but (II) is incorrect
C. Both Statements (I) and (II) are incorrect
D. Statement (II) is correct, but (I) is incorrect

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