Commerce · all questions

Income Tax and Corporate Tax
practice.

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Q201

Residential status of an assesses can be:

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Q202

Match the following.

List-I	List-II
a. . . . . . . . . means accumulated wealth.	1. Flow
b. Capital is . . . . . . . .	2. Capital
c. . . . . . . . . is one, which is turned over, and in the process of being turned over yields income or loss.	3. Fund
d. Revenue is . . . . . . . .	4. Circulating Capital

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Q203

X purchased a land in th PY 1997-98 for Rs. 50,000. This land was sold by him during the PY 2018-19 for Rs. 8,00,000. The fair market value of this land on 1^st April 2021 was Rs. 1,20,000. It the cost inflation index for the AY 2019-20 is his capital gain for the AY 2019-20 will be

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Q204

The house rent allowance (HRA) under the salary head of Income Tax Act is given by:

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Q205

Which two of the following are correct about the due date of issue of the TDS certificate?
(1) Form No 16 - Annual
(2) Form No 16A - Quarterly
(3) Form No 16B - Half Yearly
(4) Form No 16C - Monthly
Choose the correct option from those below:

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Q206

Objective of tax planning is

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Q207

Which of the following sections provide for penalty for failure to obtain Tax Deduction Account Number or Tax Collection Account Number (as the case may be)?

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Q208

A tax is meant for welfare of community. Which kind of payment is it to the government by the subject?

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Q209

If the coffee is grown and cured, then the tax liability on the agricultural income is:

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Q210

The value of free accommodation in Delhi provided by employer in the private sector is:

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Q211

What is expected to cut out tax avoidance?

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Q212

Double taxation relief could be

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Q213

If an employer transfers second hand motor car to the employee, the perquisite is valued at:

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Q214

In order to invoke the tax treaty for a person who is a dual resident, i.e. tax resident in both the countries, which rule may be applied under the relevant article of the tax treaties to resolve the issue?

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Q215

Authority for Advance Rulings shall not allow an application where the question raised:

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Q216

Resident of India includes:

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Q217

If the individual using the property for the business or professional purpose the income is taxable under which of the following heads?

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Q218

Which two of the following are correct in terms of rate of tax deduction at source (TDS)?
(1) Income by way of winning from the horse race @ 30%
(2) Insurance Commission @ 10%
(3) Rent of Plant & Machinery @ 5%
(4) Rent of furniture @ 5%
Choose the correct option from the following:

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Q219

The payment of any simple interest to any partner is allowed only to the extent of 12% per annum as deduction as per:

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Q220

Value of rent-free accommodation in case of Government employee shall be taxable up to:

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