Commerce · all questions

Income Tax and Corporate Tax
practice.

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Q461

When a business concern requires a product or any part or component of the product for its existing unit, it has to decide whether it should make the product or buy it from other manufacturers. Various tax considerations with respect to these decisions are:
1. If the organization has surplus capacity and even decide to buy a product it may require to sell surplus plant and machinery. In such a case it may be liable to capital gains tax.
2. If a new undertaking is established to make the product which fulfils the conditions of section 80-IB/80-IC of the Act, a deduction is allowed to such undertakings.
3. If the product is a capital asset, its cost will not be allowed as a deduction in computing the income in both cases. But in both cases, the organization can claim depreciation.

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Q462

The rate of TDS from winning from lottery:

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Q463

To which of the following Income Tax Return form SUGAM is identified with?

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Q464

The income received and accrued outside India from a business controlled or profession set up in India, the tax incidence in case of non-resident is:

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Q465

Specified person shall measure as per Section 194C

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Q466

The technique of keeping the tax liability at the minimum level without violating tax laws and without defeating the main intention of law is called

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Q467

Assertion (A) A person can not be liable to pay income tax for the income earned by the another person.
Reason (R) Income tax department is governed by the CBDT.
Which of the following is correct?

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Q468

In order to claim relief under the tax treaty in India, a non-resident

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Q469

As per section 208, 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 is to be paid in different instalments. In case of assessees other than companies, the following is advance tax rate to be payable on or before of 15^th September:

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Q470

Which of the following will make return defective, if not attached?

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Q471

Which of the following approaches does India follow in relation to secondary adjustments?

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Q472

Which of the following sections related to clubbing of income?

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Q473

If the taxable income of a domestic company for the assessment year 2019-20 is Rs. 9,00,000, its tax liability will be

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Q474

Due date of furnishing return of income in case of a company is

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Q475

The definition of the person includes:

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Q476

'Arm's length price' means a price which is applied or proposed to be applied in a transaction:

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Q477

The cost of own asset is . . . . . . . . in computing the income.

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Q478

Who is liable to pay tax is called?

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Q479

Indicate the correct answer for forms for filing income tax return from the following income tax return forms.
1. ITR-4S
2. ITR-2
3. ITR-2B
4. ITR-3

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Q480

Form 15G or 15H shall not be valid if it does not contain the PAN of the declarant. In case any declaration becomes invalid, the deductor shall deduct the tax

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