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

A. The full annual value of the house the proportionate annual value of self-occupied portion for the whole year shall be deducted

B. Its present standard value

C. All of the above

D. None of the above

A. Fully taxable

B. Partly taxable

C. Exemption allowed 50% of the annual value

D. Fully exempted

E. Exempted only for a stipulated period of time

A. Fees paid to the lawyer for drafting partnership deed

B. Loss due to embezzlement by an employee

C. Legal expenses paid to protect the building of the business

D. Cost of installing a new telephone

A. Income from live stock breeding

B. Income from cattle breeding

C. Income from juice centre

D. Rent received from agricultural land

A. Section 15

B. Section 6

C. Section 10

D. Section 10(1)

A. Cost based

B. Negotiated

C. Administered

D. Target based

A. As per section 194J, tax is to be deducted @ 10% from the payments made to any person who is engaged only in the business of call centre

B. Tax is to be deducted under section 193 if any person pays any income by way of interest on securities to a resident as well as to a non-resident

C. Both are true

D. Both are false

A. Income tax

B. Income tax plus surcharge

C. Surcharge

D. None of these

A. 2017-18

B. 2018-19

C. 2019-20

D. 2020-21

A. home country of the taxpayer provides tax relief, where no mutual agreement has been entered into by the two countries for providing relief double taxation

B. government of two countries, enter into an agreement to provide relief against double taxation on mutually agreed basis

C. Both A and B

D. None of the above