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

A. UN Model

B. US Model

C. OECD Model

D. Andean Model

A. Resale price method

B. Transactional net margin method

C. Cost plus method

D. Profit split method

A. income from house property

B. profit and gains of business and profession

C. income from other sources

D. None of the above

A. 1, 4, 6 and 8

B. 4, 5, 7 and 8

C. 1, 2, 3, 4 and 5

D. 6, 7 and 8

A. defective parts

B. entire machinery

C. substantial part of the entire machinery

D. All of the above

A. Advance Ruling means that written opinion or authoritative decision by an Authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto

B. It has been defined in section 245N(A) of the Income tax Act, 1961 as amended from time-to-time

C. Both A and B

D. None of the above

A. Evasion

B. Planning

C. Avoidance

D. Management

A. Not included in total income

B. Agricultural income

C. Not taxable under income tax

D. All of the above

A. 99% or less

B. 92% or less

C. 95% or less

D. 90%

A. Income from salary/pension

B. Income from one house property (excluding cases where loss is brought forward from previous years or loss to be carried forward)

C. Income from other sources (excluding winnings from lottery, income from race horses and income chargeable to tax at special rates)

D. All of the above