21. Under which of the following sections does an individual or a HUF is liable to deduct TDS, if such individual or HUF was liable to get his/its accounts audited under section 44AB in the preceding financial year?
22. Income of minor is clubbed however the clubbing provision is not applicable if
23. A person who live in America, came to India for the first time on 1st March, 1999 and went back to America on 20th February, 2000. For the assessment year 2000-01, it will be called-
24. Which of the following incomes are exempt from tax?
1. Dividend received from foreign company.
2. Agricultural income.
3. Income received by a foreigner in outside India.
4. Capital gain income.
5. Dividend received from Indian company.
6. Rental income of house property.
1. Dividend received from foreign company.
2. Agricultural income.
3. Income received by a foreigner in outside India.
4. Capital gain income.
5. Dividend received from Indian company.
6. Rental income of house property.
25. Section 111A is applicable in case of STCG arising on transfer of the following which are transferred on or after 1st October 2004 in are cognised stock exchange and such transaction is liable to securities transaction tax (STT).
26. In which of the following cases, Assessing Officer has the discretion to assess the income of the previous year in the previous year or in the subsequent assessment year?
27. Which of the following statement's are correct?
1. Assessment year is a period of 12 months.
2. Income tax is distributed between State and Central Government.
3. There are 6 heads of income under Income Tax Act.
4. Income earned in a year is taxable in that year only.
5. Total income of an assessee cannot be computed unless his residential status is known.
Select the correct answer using the options given below
1. Assessment year is a period of 12 months.
2. Income tax is distributed between State and Central Government.
3. There are 6 heads of income under Income Tax Act.
4. Income earned in a year is taxable in that year only.
5. Total income of an assessee cannot be computed unless his residential status is known.
Select the correct answer using the options given below
28. Consider the following statements.
1. Legal provisions are not followed in tax-planning.
2. The advantage due to loopholes of tax laws are taking in tax avoidance.
3. Tax evasion is punishable crime.
Which of the statement(s) given above is/are correct?
1. Legal provisions are not followed in tax-planning.
2. The advantage due to loopholes of tax laws are taking in tax avoidance.
3. Tax evasion is punishable crime.
Which of the statement(s) given above is/are correct?
29. Match the 'Category of Compensation' with 'Compensation Plan'
(Category of Compensation)
(Compensation Plan)
a. Pay for time not worked
1. Savings Plan
b. Services and Perquisites
2. Stock Option
c. Protection Programme
3. Pension
d. Incentive Pay
4. Sick leave
e. Deferred Pay
5. Low cost Meals
| (Category of Compensation) | (Compensation Plan) |
| a. Pay for time not worked | 1. Savings Plan |
| b. Services and Perquisites | 2. Stock Option |
| c. Protection Programme | 3. Pension |
| d. Incentive Pay | 4. Sick leave |
| e. Deferred Pay | 5. Low cost Meals |
30. Under Income Tax Act, 1961 incidence of taxation depends on
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 9