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

A. Maintenance

B. Current maintenance

C. Current repairs

D. Repairs

A. Income from growing flowers

B. Rent of Agricultural Land for agriculture work

C. Income from purchasing of standing crop

D. Income from agricultural work

A. If there is a double taxation agreement, then relief will never be available

B. If there is a double taxation agreement, then relief will always be available

C. It there is no double taxation agreement, then relief will never be available

D. If there is no double taxation agreement, then relief will often not be available

A. Rs. 60,000

B. Rs. 63,000

C. Rs. 72,000

D. Rs. 75,000

A. Income from Other Sources

B. Income from Business

C. Salary

D. None of the above

A. Assessee is either and individual or a HUF

B. Assessee is resident of India

C. Assessee has a dependent disable relative

D. All of the above

A. Taxable

B. Non-taxable

C. Taxable subject to standard deduction of 50%

D. None of the above

A. This dividend was exempt until 31^st March 2020 (Financial Year 2019-20). That was because the company declaring such dividend already paid dividend distribution tax (DDT)before making payment

B. The Finance Act, 2020 changed the method of dividend taxation

C. Both A and B

D. None of the above

A. 10(10)

B. 10(34)

C. 10(2A)

D. 2(AA)

A. They are too time-consuming

B. External data may not be available

C. They are too expensive

D. Internal data may not be available