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

A. Will get tax exemption

B. Taxes to be paid by the foreign company

C. Taxes to be paid by the resident in India

D. Taxes will be paid by the government

A. Sections 65-75

B. Sections 70-80

C. Sections 80-90

D. Sections 75-80

A. 3 years

B. 4 years

C. 5 years

D. 6 years

A. Section 15

B. Section 20

C. Section 17

D. Section 19

A. 2

B. 3

C. 4

D. 5

A. Surcharge on any tax

B. An additional tax on luxury goods

C. A temporary arrangement for receiving revenue

D. None of the above

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

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

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

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

A. The agricultural income of the taxpayer is more than Rs. 5,000

B. When the agricultural income of the taxpayer is Rs. 600 and the non-agricultural income is Rs. 50,000

C. Non-agricultural income of the taxpayer exceeds Rs. 50,000

D. The agricultural income of the taxpayer is more than Rs. 5,000 an the non-agricultural income is more than the minimum limit of taxable income

A. Section 80C

B. Section 80DD

C. Section 10

D. Section 2

A. Both authorities will want to set the lowest possible transfer price

B. The customs authorities will want to set a high transfer price while the direct taxation authorities will want to set a low price

C. Both authorities will want to set the highest possible transfer price

D. The customs authorities will want to set a low transfer price while the direct taxation authorities will want to set a high price