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

A. asset is transferred without transferring income

B. asset yielding income is transferred as revocable transfer

C. asset yielding income is transferred as irrevocable transfer

D. income is transferred without transferring asset yielding income

A. 20% of the usual depreciation

B. 30% of the usual depreciation

C. 33.33% of the usual depreciation

D. 50% of the usual depreciation

E. the usual depreciation, as applicable

A. Both 1 and 3

B. Only 3

C. Both 2 and 3

D. All of the above

A. 2005

B. 1998

C. 2001

D. 1995

A. Senior citizens

B. Professionals

C. Foreign companies

D. Non-residents

A. Assertion (A) is correct and Reasoning (R) is the right explanation of (A)

B. Assertion (A) is correct but Reasoning (R) is not the right explanation of (A)

C. Both Assertion (A) and Reasoning (R) are correct independently and (R) may be considered as an explanation of (A)

D. Both Assertion (A) and Reasoning (R) are incorrect

A. previous year; assessment year

B. assessment year; previous year

C. previous years; taxable year

D. financial year; assessment year

E. assessment year; taxable year

A. Fully exempt in the hands of unit holders

B. Fully taxable in the hands of unit holders

C. Fully exempt in the hands of individual unit holders and fully taxable in the hands of institutional unit holders

D. Included in the gross total income but a deduction is allowed under section 80L

A. Expected rent

B. Actual rent received or receivable

C. All of the above

D. None of the above

A. a-1, b-4, c-3, d-2

B. a-3, b-4, c-2, d-1

C. a-3, b-2, c-4, d-1

D. a-3, b-4, c-1, d-2