Income Tax and Corporate Tax MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9

91.
Intimation for assessment on the basis of return U/S 143(1) cannot be sent after the expiry of

A. one year from the end of the relevant assessment year

B. one year from the end of financial year in which return is made

C. two years from the end of relevant assessment year

D. two years from the end of financial year in which the return in made

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92.
The best judgement assessment is done under which of the following sections?

A. U/S 144

B. U/S 139(A)

C. U/S 45

D. U/S 143

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93.
Assume that Arjun has earned an income of Rs. 4 lakh by way of lumpsum consideration for copyright of book from a publisher in Country Y, with which India does not have a DTAA. The same has been taxed at a flat rate of 5% in Country Y. In India, his gross total income is Rs. 7 lakh. The double taxation relief available is

A. Rs. 20,000

B. Rs. 5,000

C. Rs. 12,000

D. Rs. 1,932

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94.
Under which section HUF is not entitled to deduction from Gross Total Income?

A. Section 80C

B. Section 80D

C. Section 80G

D. Section 80E

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95.
If a company is resident of two contracting states, namely, Country X, being the place of incorporation, and Country Y, being the place of effective management, then the company would be resident of Country Y, being the place of effective management as per

A. only the OECD model convention

B. only the UN model convention

C. only the US mode convention

D. Both A and B

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96.
Which of the following statements are true?
(1) Proportional tax is based on the principle 'higher the income, higher the tax'.
(2) The tax will be economical if the cost of collection is very small.
(3) Income tax is a form of tax which is levied on individual's total earnings.

A. 1 and 2 are true

B. 2 and 3 are true

C. 1 and 3 are true

D. All of the above are true

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97.
Income tax is levied on those individuals

A. whose income is less than exempted limit in any previous year

B. whose income is more than exempted limit in any previous year

C. whose income is upto Rs. 1,00,000 in any previous year

D. None of the above

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98.
Non-availability of depreciation to the lessee will . . . . . . . . his tax liability.

A. decrease

B. increase

C. have no impact on

D. None of these

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99.
Transactions between unrelated entities are carried out at

A. arm's length price

B. control price

C. Both A and B

D. Either A or B

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100.
On the basis of residence the taxpayers can be divided into

A. Two category

B. Three category

C. Four category

D. Not in any category

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

91. Intimation for assessment on the basis of return U/S 143(1) cannot be sent after the expiry of

Answer & Solution

92. The best judgement assessment is done under which of the following sections?

Answer & Solution

Answer & Solution

94. Under which section HUF is not entitled to deduction from Gross Total Income?

Answer & Solution

95. If a company is resident of two contracting states, namely, Country X, being the place of incorporation, and Country Y, being the place of effective management, then the company would be resident of Country Y, being the place of effective management as per

Answer & Solution

96. Which of the following statements are true? (1) Proportional tax is based on the principle 'higher the income, higher the tax'. (2) The tax will be economical if the cost of collection is very small. (3) Income tax is a form of tax which is levied on individual's total earnings.

Answer & Solution

97. Income tax is levied on those individuals

Answer & Solution

98. Non-availability of depreciation to the lessee will . . . . . . . . his tax liability.

Answer & Solution

99. Transactions between unrelated entities are carried out at

Answer & Solution

100. On the basis of residence the taxpayers can be divided into

Answer & Solution

Read More Section(Income Tax and Corporate Tax)

91.
Intimation for assessment on the basis of return U/S 143(1) cannot be sent after the expiry of

92.
The best judgement assessment is done under which of the following sections?

94.
Under which section HUF is not entitled to deduction from Gross Total Income?

95.
If a company is resident of two contracting states, namely, Country X, being the place of incorporation, and Country Y, being the place of effective management, then the company would be resident of Country Y, being the place of effective management as per

96.
Which of the following statements are true?
(1) Proportional tax is based on the principle 'higher the income, higher the tax'.
(2) The tax will be economical if the cost of collection is very small.
(3) Income tax is a form of tax which is levied on individual's total earnings.

97.
Income tax is levied on those individuals

98.
Non-availability of depreciation to the lessee will . . . . . . . . his tax liability.

99.
Transactions between unrelated entities are carried out at

100.
On the basis of residence the taxpayers can be divided into