Q321
Open questionThe HUF is said to be resident in India if:
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Commerce · all questionsIncome Tax and Corporate Tax
Income Tax and Corporate Tax
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Q322
Open questionConsider the following statements.
1. Tax planning is not essential for every assessee, while tax management is essential for every person, otherwise he may be liable for penal interest, penalty and prosecution.
2. In tax planning alternative economic activities are studied and an activity with least incidence of tax is selected. Where as tax management includes maintenance of accounts in prescribed form. Get these audited, filling the required forms and returns, payment of taxes etc.
3. Tax planning always done in isolation.
4. Tax planning is guide in decision making, while tax management is a regular feature of an undertaking.
Which of the statement(s) given above is/are correct?
1. Tax planning is not essential for every assessee, while tax management is essential for every person, otherwise he may be liable for penal interest, penalty and prosecution.
2. In tax planning alternative economic activities are studied and an activity with least incidence of tax is selected. Where as tax management includes maintenance of accounts in prescribed form. Get these audited, filling the required forms and returns, payment of taxes etc.
3. Tax planning always done in isolation.
4. Tax planning is guide in decision making, while tax management is a regular feature of an undertaking.
Which of the statement(s) given above is/are correct?
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Q323
Open questionDonation to National Children's Fund will come in which of the following deduction under Section 80G of Income Tax Act, 1961?
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Q324
Open questionQuoting of Permanent Account Number is mandatory in case of sale or purchase of any immovable property valued at
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Q325
Open questionUnder Section 80E of the Income Tax Act, 1961 deduction in respect of payment of interest on loan taken for higher education shall be allowed up to:
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Q326
Open questionThe rate of TDS on income from winning from lottery, crossword puzzle, card game is
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Q327
Open questionRevised return can be furnished within which of the following time framework from the end of the month in which the said APA was entered into?
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Q328
Open questionIf an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is:
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Q329
Open questionWhich of the following statement(s) is/are true?
1. Section 147 is related to re-assessment.
2. Section 148 is related to regular assessment.
3. Section 145 is related to best judgement assessment.
4. Section 140A is related to self-assessment.
1. Section 147 is related to re-assessment.
2. Section 148 is related to regular assessment.
3. Section 145 is related to best judgement assessment.
4. Section 140A is related to self-assessment.
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Q330
Open questionFor the purpose of assessment under Income Tax Act, 1961, which combination of the following represent income?
1. Tax-free salary from the private sector employer
2. Pin money received by a family member
3. Awards received by the sports person
4. Loss incurred by the assessee
5. Perquisites received by employees
Select the correct one from the options given below
1. Tax-free salary from the private sector employer
2. Pin money received by a family member
3. Awards received by the sports person
4. Loss incurred by the assessee
5. Perquisites received by employees
Select the correct one from the options given below
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Q331
Open questionThe interest on borrowed fund or under hire-purchase/instalment system is . . . . . . . . in computing the income.
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Q332
Open questionInterest for deferment of advance tax is covered under Section
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Q333
Open questionFor the assessment year 2019-20, deduction under Section 80G is available without any limit, but at the rate of 50% on
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Q334
Open questionWhich of the following statement/s is/are true?
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Q335
Open questionDeduction, which are permissible from gross total income are from
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Q336
Open questionAgricultural income is completely exempted from income tax from the assessment year 1974-75. As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the income tax Act. As per section 2(1A), agricultural income generally means:
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Q337
Open questionIn which Section of Income Tax Act, the sum received by a member from Hindu Undivided Family (HUF) will be exempted
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Q338
Open questionFourth instalment of advance tax payable falls due on or before
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Q339
Open questionThe Income from House Property is taxable in the hands of the individual even if property is not registered in his name:
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Q340
Open questionIncome from sale of rural agricultural land is:
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