Which one of the following items is not allowed as deduction while computing income from business and profession?
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Commerce · all questionsIncome Tax and Corporate Tax
Income Tax and Corporate Tax
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Exemption, under Sec. 54 F of the Income Tax Act, 1961, shall not be allowed if the assessee, on the date of transfer owns:
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Match the items of List I with the items of List-II and choose the correct answer:
| List-I (Types of Income) | List-II (Heads of Income) |
| a. Salary, bonus, commission etc received by a working partner from the firm | 1. Income from other Sources |
| b. Pension received by the widow of a government employee | 2. Income from (short-term) Capital Gains |
| c. Profits on the sale of machinery used in business | 3. Income from Capital Gains |
| d. Compensation received from the government on compulsory acquisition of land and profit earned | 4. Income from Business and Profession |
| 5. Income from Salaries |
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Section 80C provides for deduction in respect of tuition fee to . . . . . . . . children.
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Given below are two statements. One is labelled as Assertion (A) and the other is labelled as Reason (R).
Assertion (A): Tax should not be charged on dividend income from the shareholders.
Reason (R): Some economists are of the opinion that when tax has already been paid on the profit of the company and balance is distributed as dividend to the owners, tax need not be levied on them.
In the light of the above two statements, choose the correct answer from the options given below.
Assertion (A): Tax should not be charged on dividend income from the shareholders.
Reason (R): Some economists are of the opinion that when tax has already been paid on the profit of the company and balance is distributed as dividend to the owners, tax need not be levied on them.
In the light of the above two statements, choose the correct answer from the options given below.
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Minimum Alternate Tax (MAT) is imposed on
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Which one of the following statements is not correct with reference to the assessment of firms?
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Which one of the following is agricultural income under the Income Tax Act, 1961 ?
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Any amount of money received in excess of Rs. 50,000 without consideration is fully taxable in the hands of
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Which of the following deductions will not come under Sec. 80 of the Income Tax Act?
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An ordinarily resident is who follows:
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If a person is resident in any previous year, then in the next previous year
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Under the Income Tax Act, 1961 "block of assets" for the purpose of charging depreciation means:
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A non-resident entity or the foreign company having an IT-enabled BPO in India, would be liable to tax in India only if:
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Under which of the following situations, the appellate tribunal can rectify the mistake in the order passed by it Under Section 254 (2) of Income Tax Act?
1. If subsequent decision of the Supreme Court/High Court is available on the subject after the appellate tribunal's order.
2. If an assessee apply for rectification of the tribunal's order by raising fresh grounds before the tribunal.
3. If the omission or mistake is on the part of appellate tribunal.
4. If the order is passed by the appellate tribunal under an erroneous impression of fact or law.
Select the correct answer:
1. If subsequent decision of the Supreme Court/High Court is available on the subject after the appellate tribunal's order.
2. If an assessee apply for rectification of the tribunal's order by raising fresh grounds before the tribunal.
3. If the omission or mistake is on the part of appellate tribunal.
4. If the order is passed by the appellate tribunal under an erroneous impression of fact or law.
Select the correct answer:
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Assertion (A): Tax evasion is undertaken by employing unfair means.
Reason (R): Payment of tax is avoided through illegal means or fraud for tax evasion.
Reason (R): Payment of tax is avoided through illegal means or fraud for tax evasion.
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Arrange the steps to e-filing of Income Tax Return in correct sequence:
1. Register yourself
2. Verify ITR V
3. Select the requisite form
4. Fill form and upload
Choose the correct option from those below:
1. Register yourself
2. Verify ITR V
3. Select the requisite form
4. Fill form and upload
Choose the correct option from those below:
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If the taxable income of a domestic company for the Assessment Year 2011-12 is Rs. 9,00,000, its tax liability will be
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Tax planning is honest and right approach to attain the maximum benefit of taxation laws within its framework only. Objectives of tax planning are:
1. Productive investment
2. Un-healthy growth of economy
3. Minimisation of litigation
4. Increase in tax liability.
1. Productive investment
2. Un-healthy growth of economy
3. Minimisation of litigation
4. Increase in tax liability.
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Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if
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