Commerce · all questions

Income Tax and Corporate Tax
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Q541

Which of the following income is exempt from Income Tax?

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Q542

State, which of the following income is exempted from text?

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Q543

The term 'person' includes . . . . . . . . as per Income Tax Law.

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Q544

Given is the information related to a house:
Municipal Value (M.V.) Rs. 1,50,000
Fair Rent Rs. 1,80,000
Standard Rent Rs. 1,60,000
Actual Rent Rs. 20,000 p.m.
Municipal tax paid by owner is 20% of M.V. Unrealised rent Rs. 40,000 (conditions of rule 4 satisfied). What is the annual value of the house?

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Q545

The objective of transfer pricing is to . . . . . . . . within an organisation.

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Q546

The maximum aggregate amount of deduction under sections 80C, 80CCC and 80CCD cannot exceed:

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Q547

Match the following.

List-I	List-II
a. ITR-2	1. For a company other than a company claiming exemption under Section 11
b. ITR-6	2. For presumptive business income covered under Section 44AD and 44AE
c. ITR-7	3. For a person including a company whether or not registered under Section 25 of the Companies Act. 1956
d. ITR-4S SUGAM	4. For individual and HUF not having income from business of profession

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Q548

Dividend paid by an Indian company outside India is

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Q549

Which of the following sections of Income Tax Act defines the perquisites and their valuation?

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Q550

Regular assessment means assessment made under Section

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Q551

Who will sign return of income in case of political party?

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Q552

Taking full advantage of loopholes of law so as to attract least incidence of tax is known as

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Q553

Dividend paid by Indian company outside India as per Section 9(1)(iv) is deemed as

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Q554

The authority for advance ruling in income-tax is appointed by:

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Q555

Under Income Tax Act, the income liable for tax is classified on the basis of

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Q556

Which of the following capital expenditure is not allowed deduction?

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Q557

Which of the following penalty has been prescribed under the Income-tax Law for quoting incorrect Tax Deduction Account Number or Tax Collection Account Number (as the case may be)?

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Q558

What can the worst-case scenario be for a firm that has subsidiaries that use cost-based transfer pricing?

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Q559

Which of the following acts has provision for 'compensation' received on voluntary retirement under Income Tax Act, 1961?

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Q560

X is an individual. For the assessment year 2012-13 his gross total income is Rs. 3,40,000. Tax on it is Rs. 16,480. To reduce his tax liability, he deposits Rs. 50,000 in public provident fund account. Consequently, his taxable income and tax liability will be reduced to Rs. 1,10,000 and Rs. 11,330 respectively.

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