Commerce · all questions

Income Tax and Corporate Tax
practice.

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Q261

Usually there is a tendency among MNCs to adjust their international transactions in such a way that maximum profit arises in that country where the rate of tax is lowest and minimum profit arises in that country where the rate of tax is highest. Thus, there may be chances that MNC escape tax in those countries where the tax rate is more by adjusting their international transaction and declaring lesser profits in such country.
This is called as the issue of:

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Q262

Family pension is taxable under the head

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Q263

When expenses incurred on replacement of an asset are capitalised, it will

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Q264

Taxes on income and on capital imposed on behalf of a contracting State or of its political subdivisions or local authorities, irrespective of the manner in which they are levied, are covered in the following model convention(s)

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Q265

In case of issuance of PAN and card, the maximum period should be . . . . . . . . from the date of application.

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Q266

Preliminary expenses incurred are allowed deduction in

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Q267

Under the Income Tax Act, 1961 "block of assets" for the purpose of charging depreciation means:

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Q268

Which of the following will be considered as tax planning effort?
1. Mr. A purchased a house for self-residence of Rs. 80 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds.
2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh
3. Mr. A purchased 100 gram gold biscuits on 2.5 lakh from SBI on the occasion of Diwali.
4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya.
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Q269

In exemption method:

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Q270

The provisions relating to limitation of interest deduction in respect of debt issued by a non-resident associated enterprise would not apply, where the expenditure by way of interest or similar nature is

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Q271

An exercise undertaken to minimise tax liability through the best use of all available allowances, deductions, exclusions, exemptions etc to reduce income tax liability is known as

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Q272

Which of the following alpha numeric number that is issued by Income Tax Department applies in case of Tax Deduction Account Number or Tax Collection Account Number (TAN)?

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Q273

Which of the following statements apply in case of depreciation?
(1) Depreciation is applied as per written down value of each block of asset.
(2) Depreciation is applied in case of tangible assets (buildings, machinery, plant or furniture) and Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature).
(3) If the asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above.
(4) Additional depreciation shall be allowed at 20% of actual cost of certain new plant and machinery.

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Q274

Which of the statement/s is/are true in context of methods of depreciation?

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Q275

Rectification of mistake is covered under Section

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Q276

R Ltd, a German company, which is non-resident in India, earned the following income by way of fee for technical services. Advice about the taxability of such income in the hands of R Ltd in India.
1. Government of India paid Rs. 20,00,000 under an agreement, to be used for a project in India.
2. S Ltd, an Indian company, paid Rs. 30,00,000 for the know-how to be used in India.
3. Y Ltd, an Indian company, paid Rs. 40,00,000 for know-how acquired in Germany to be used in China.
4. Z Ltd, a non-resident company paid Rs. 24,00,000 for acquiring a know-how to be used in India for carrying on certain manufacturing business.
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Q277

DTC is related to:

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Q278

An Indian citizen who goes abroad for employment shall have to stay in India for atleast how many days to be resident-

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Q279

As per the following section, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of 'advance tax'?

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Q280

Quoting of PAN is compulsory in case of sale/purchase of any immovable property valued at

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