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

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51.
Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:

A. 2 years have expired from the date of transfer

B. 2 years have expired from the date of deposit

C. 3 years have expired from the date of transfer

D. 3 years have expired from the date of deposit

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52.
Which of the following commodities is kept outside the purview of GST?

A. Tobacco products

B. Petroleum products

C. Edible oils

D. Insurance products

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53.
Which of the following sections of the Income Tax Act deals with interest, royalty, fees for technical services payable outside India or payable to a non-resident?

A. Section 40(a)(i)

B. Section 40(a)(ii)

C. Section 40(b)(i)

D. Section 40(b)(ii)

E. Section 40(b)(iv)

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54.
Which of the following statements are true in context of Section 80C of Income Tax Act, 1961?

A. We can claim a deduction of Rs. 1.5 lakh our total income under section 80C

B. We can reduce up to Rs. 1,50,000 from your total taxable income

C. The section is available for individuals and HUFs

D. All of the above

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55.
Which one of the following is not an example of tax evasion?

A. Submitting misleading documents

B. Not maintaining proper accounts of income earned

C. Suppression of facts

D. Interpreting the tax law in ones own way to minimise tax liability

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56.
Transfer pricing is, arriving at the price for goods and services, which are transacted between

A. controlled legal entities within an enterprise

B. independent entities within an enterprise

C. Both A and B

D. Neither A nor B

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57.
Advance salary is taxable and advance against salary is:

A. Fully taxable

B. Partially taxable

C. Not taxable

D. None of the above

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58.
Deduction in respect of contribution to political party will . . . . . . . .

A. Be allowed in respect of sum paid by way of cash

B. Not be allowed if payment made in cash

C. This type of deduction is not allowed whether payment is in cash or not

D. Be allowed if payment made in cash, subject to certain conditions

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59.
The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?

A. Section 80C

B. Section 80U

C. Section 80D

D. Section 80E

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60.
Income from property held under trust for charitable or religious purposes is:

A. Exempted from tax

B. Taxable @ 10%

C. Taxable @ 20%

D. None of the above

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

51. Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:

Answer & Solution

52. Which of the following commodities is kept outside the purview of GST?

Answer & Solution

53. Which of the following sections of the Income Tax Act deals with interest, royalty, fees for technical services payable outside India or payable to a non-resident?

Answer & Solution

54. Which of the following statements are true in context of Section 80C of Income Tax Act, 1961?

Answer & Solution

55. Which one of the following is not an example of tax evasion?

Answer & Solution

56. Transfer pricing is, arriving at the price for goods and services, which are transacted between

Answer & Solution

57. Advance salary is taxable and advance against salary is:

Answer & Solution

58. Deduction in respect of contribution to political party will . . . . . . . .

Answer & Solution

59. The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?

Answer & Solution

60. Income from property held under trust for charitable or religious purposes is:

Answer & Solution

Read More Section(Income Tax and Corporate Tax)

51.
Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:

52.
Which of the following commodities is kept outside the purview of GST?

53.
Which of the following sections of the Income Tax Act deals with interest, royalty, fees for technical services payable outside India or payable to a non-resident?

54.
Which of the following statements are true in context of Section 80C of Income Tax Act, 1961?

55.
Which one of the following is not an example of tax evasion?

56.
Transfer pricing is, arriving at the price for goods and services, which are transacted between

57.
Advance salary is taxable and advance against salary is:

58.
Deduction in respect of contribution to political party will . . . . . . . .

59.
The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?

60.
Income from property held under trust for charitable or religious purposes is: