Q301
Open questionTax free incomes are mentioned in which Section of the income tax act?
Select an option to see the answer and solution.
Commerce · all questionsIncome Tax and Corporate Tax
Income Tax and Corporate Tax
practice.
Practice every MCQ with options. Use Show answers when you want the correct option and solution.
816
Questions
16/41
Page
Pick an option on a question to see the right answer and solution.
Q302
Open questionIf a money gift is received from which of the following is not taxable under any head?
Select an option to see the answer and solution.
Q303
Open questionWhich of the following statements are correct?
1. 30% depreciation is allowed on neon sign board.
2. Animals are used for business purposes. Hence, depreciation shall be allowed on them.
3. For the purpose of taxation, there should not be and indeed there is no distinction made between legal and illegal business.
Select the correct answer using the options given below
1. 30% depreciation is allowed on neon sign board.
2. Animals are used for business purposes. Hence, depreciation shall be allowed on them.
3. For the purpose of taxation, there should not be and indeed there is no distinction made between legal and illegal business.
Select the correct answer using the options given below
Select an option to see the answer and solution.
Q304
Open questionWhich of the following is the type of assessment?
Select an option to see the answer and solution.
Q305
Open questionAccording to Section 2(7) of Income Tax Act 'Assessee' means a person:
Select an option to see the answer and solution.
Q306
Open questionMatch the items of the List-I with those of the List-II and indicate the correct answer:
| List-I | List-II |
| a. Residential status of an individual | 1. Section 10(13A) |
| b. Agricultural income | 2. Section 10(10) |
| c. House rent allowance | 3. Section 6 |
| d. Gratuity | 4. Section 10(1) |
Select an option to see the answer and solution.
Q307
Open questionWhich form is required to be filed in for applying for TAN?
Select an option to see the answer and solution.
Q308
Open questionWhich of the following statement/s is/are true?
Select an option to see the answer and solution.
Q309
Open questionIf any sum of money, the aggregate value of which exceeds fifty thousand rupees, is received without consideration, by an individual or a Hindu undivided family, in any previous year from any person or persons on or after the 1st day of April, 2006 but before 1st of October 2009, the whole sum is taxable under the head:
Select an option to see the answer and solution.
Q310
Open questionTax treaty is part of international law; hence its interpretation should be based on a certain set of principles and rules of interpretation. Which convention is used globally for interpretation of tax treaties?
Select an option to see the answer and solution.
Q311
Open questionDeduction in respect of contribution to certain pension fund under Section 80CCC is available
Select an option to see the answer and solution.
Q312
Open questionIn which of the cases the amount withdraw form Site Restoration Account shall not be taxable?
1. Amount withdrawn for the purpose specified in the scheme
2. Closure of business
3. Death of an assessee
4. Partition of HUF
5. Dissolution of a firm
6. Liquidation of a company
Select the correct answer using the options given below
1. Amount withdrawn for the purpose specified in the scheme
2. Closure of business
3. Death of an assessee
4. Partition of HUF
5. Dissolution of a firm
6. Liquidation of a company
Select the correct answer using the options given below
Select an option to see the answer and solution.
Q313
Open questionThe assessee lets on hire machinery, plant or furniture belonging to him and also building and the letting of the buildings is inseparable from the letting of the said machinery, plant and furniture, the income from such letting is chargeable to tax under the head:
Select an option to see the answer and solution.
Q314
Open questionCorrect serial of head of income in Income Tax Law is:
Select an option to see the answer and solution.
Q315
Open questionWhich of the following conditions are satisfied in case of sale of depreciable assets, in which assessee has claimed depreciation and sale was in even of discontinuance of business?
1. The difference between the net consideration and WDV shall be treated as short-term capital gain/loss.
2. If the difference between the net consideration and WDV results in gain, then it will be liable to tax.
3. If the difference between the net consideration and WDV results in loss, then it will set-off against any head.
Select the correct answer using the options given below
1. The difference between the net consideration and WDV shall be treated as short-term capital gain/loss.
2. If the difference between the net consideration and WDV results in gain, then it will be liable to tax.
3. If the difference between the net consideration and WDV results in loss, then it will set-off against any head.
Select the correct answer using the options given below
Select an option to see the answer and solution.
Q316
Open questionAll income which arises to the minor child shall be clubbed in the income of his/her:
Select an option to see the answer and solution.
Q317
Open questionX Ltd is an Indian company. It carries own business in Mumbai and London. The entire control and management of X Ltd is situated outside India. Three-fourth of total income of the company is from the business in London, what is the residential status of X Ltd?
Select an option to see the answer and solution.
Q318
Open questionReturn of income is submitted under which Section of Income-tax Act?
Select an option to see the answer and solution.
Q319
Open questionWhich of the following is not a head of income under Income Tax Act?
Select an option to see the answer and solution.
Q320
Open questionCost of issue of share is allowed as deduction in
Select an option to see the answer and solution.