Deduction under Section 40(b) shall be allowed on account of salary/remuneration paid to
A. any partner
B. major partner only
C. working partner only
D. sleeping partner only
Select an option to see the answer and solution.
If Mr. X received Rs. 14,000 from winning of lottery, then what is the amount of gross income of winning?
A. Rs. 20,000
B. Rs. 14,000
C. Rs. 16,000
D. None of these
Select an option to see the answer and solution.
Match the items of
List-I with the items of
List-II .
List-I
List-II
a. Amount deposited in PPF
1. 80-IA
b. Profits and gains from undertakings engaged in infrastructure development
2. 80-G
c. Contribution to National Defence Fund
3. 80-1AB
d. Profits and gains by an undertaking engaged in the development of Special Economic Zone
4. 80-C
A. a-4, b-3, c-2, d-1
B. a-4, b-1, c-2, d-3
C. a-4, b-1, c-3, d-2
D. a-2, b-1, c-3, d-4
Select an option to see the answer and solution.
TDS on payments to contractor is covered under Section
Select an option to see the answer and solution.
Authors who write books and present the same to publishers can avail deductions under Section 80QQB of the Income Tax Act 1961. The maximum amount available for deduction under this section is:
A. Rs. 3,00,000
B. Original amount of royalty amount received
C. Rs. 3,00,000 or original amount of royalty amount received (whichever is less)
D. Rs. 2,50,000
Select an option to see the answer and solution.
In tax laws, donation to approved and notified association for scientific research is allowed as
A. 125% of the donation
B. 100% of the donation
C. 175% of the donation
D. 150% of the donation
Select an option to see the answer and solution.
In regards to tax planning, which of the following is correct?
A. It is tax avoidance
B. It is tax evasion
C. It is reduction in tax liability to minimum
D. Both A and B
Select an option to see the answer and solution.
The provisions relating to taxation of indirect transfer of shares of an Indian company were introduced Vide Finance Act, 2012 as a consequence of which of the following decisions of the Supreme Court?
A. McDowell and Co Ltd vs CTO
B. Vodafone International Holding BV vs UOl
C. Union of India vs Azadi Bachao Andolan
D. CIT vs Yokogawa India Limited
Select an option to see the answer and solution.
The due date for filing return of income of the trust would be
A. 30th October
B. 30th September
C. 31st December
D. 31st March
Select an option to see the answer and solution.
Find out the correct one:
A. Transport allowance is fully taxable whether one is government or private servant
B. It is exempted @ Rs 800 per month whether one is government or private servant
C. It is taxable up to 50% of the total allowance received for the previous year whether one is government to private servant
D. It is fully exempted whether one is government or private servant
E. It is exempted in case of government servant up to the 3 2 rd of the total allowance received during the previous year
Select an option to see the answer and solution.
Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:
A. 2 years have expired from the date of transfer
B. 2 years have expired from the date of deposit
C. 3 years have expired from the date of transfer
D. 3 years have expired from the date of deposit
Select an option to see the answer and solution.
Which of the following commodities is kept outside the purview of GST?
A. Tobacco products
B. Petroleum products
C. Edible oils
D. Insurance products
Select an option to see the answer and solution.
Which of the following sections of the Income Tax Act deals with interest, royalty, fees for technical services payable outside India or payable to a non-resident?
A. Section 40(a)(i)
B. Section 40(a)(ii)
C. Section 40(b)(i)
D. Section 40(b)(ii)
E. Section 40(b)(iv)
Select an option to see the answer and solution.
Which of the following statements are true in context of Section 80C of Income Tax Act, 1961?
A. We can claim a deduction of Rs. 1.5 lakh our total income under section 80C
B. We can reduce up to Rs. 1,50,000 from your total taxable income
C. The section is available for individuals and HUFs
D. All of the above
Select an option to see the answer and solution.
Which one of the following is not an example of tax evasion?
A. Submitting misleading documents
B. Not maintaining proper accounts of income earned
C. Suppression of facts
D. Interpreting the tax law in ones own way to minimise tax liability
Select an option to see the answer and solution.
Transfer pricing is, arriving at the price for goods and services, which are transacted between
A. controlled legal entities within an enterprise
B. independent entities within an enterprise
C. Both A and B
D. Neither A nor B
Select an option to see the answer and solution.
Advance salary is taxable and advance against salary is:
A. Fully taxable
B. Partially taxable
C. Not taxable
D. None of the above
Select an option to see the answer and solution.
Deduction in respect of contribution to political party will . . . . . . . .
A. Be allowed in respect of sum paid by way of cash
B. Not be allowed if payment made in cash
C. This type of deduction is not allowed whether payment is in cash or not
D. Be allowed if payment made in cash, subject to certain conditions
Select an option to see the answer and solution.
The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?
A. Section 80C
B. Section 80U
C. Section 80D
D. Section 80E
Select an option to see the answer and solution.
Income from property held under trust for charitable or religious purposes is:
A. Exempted from tax
B. Taxable @ 10%
C. Taxable @ 20%
D. None of the above
Select an option to see the answer and solution.