Q121
Open questionAs per the definition of Income, the income includes which of the following?
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Commerce · all questionsIncome Tax and Corporate Tax
Income Tax and Corporate Tax
practice.
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Q122
Open questionIncome received in India or deemed to be received in India shall be taxable for
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Q123
Open questionValue of rent-free accommodation or a house owned by employer in case of nongovernment employees with above 25 lakh population is:
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Q124
Open questionDeduction from annual value is allowed under:
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Q125
Open questionTwo enterprises shall be deemed to be associated enterprises if, at any time during the previous year, one enterprise guarantees not less than . . . . . . . . of the total borrowings of the other enterprise.
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Q126
Open questionWhich one of the following is agricultural income under Income Tax Act?
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Q127
Open questionWhich of the following conditions must be satisfied to charge the rental income under the head Income of House Property?
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Q128
Open questionWhich of the following forms is required for claiming Tax Residency Certificate?
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Q129
Open questionAn assesses, after sale of house property, receiving arrears of rent (is/is not) chargeable to tax; the same computed in the stipulated manner, is chargeable to tax as:
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Q130
Open questionWhich among the following are necessary documents to file Income Tax Return for an employed person in India?
1. Aadhar Card
2. PAN Card
3. Form No. 16 issued by employer
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1. Aadhar Card
2. PAN Card
3. Form No. 16 issued by employer
Select the correct answer using the options given below
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Q131
Open questionThe Company may have the residential status as:
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Q132
Open questionThe term casual income does not include
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Q133
Open questionWhere more than one price is determined by the most appropriate method, the arm's length price shall be taken to be:
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Q134
Open questionThe income arrived after deductions under Section 80C to 80U from gross total income is known as
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Q135
Open questionDeduction allowed from annual value is:
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Q136
Open questionWhich of the following statements are true in context of Minimum Alternate Tax (MAT)?
(1) MAT is applied when the taxable income calculated according to the I-T Act provisions is found to be less than 15.5% (plus surcharge and cess as applicable) of the book profit under the Companies Act, 2013.
(2) MAT was reduced in September 2019, from 18.5% to 15%.
(3) MAT is levied on book profit, unlike normal corporation tax, which is levied on taxable profit.
(4) No MAT would be imposed on new domestic manufacturing company (incorporated on or after 1st October 2019).
(1) MAT is applied when the taxable income calculated according to the I-T Act provisions is found to be less than 15.5% (plus surcharge and cess as applicable) of the book profit under the Companies Act, 2013.
(2) MAT was reduced in September 2019, from 18.5% to 15%.
(3) MAT is levied on book profit, unlike normal corporation tax, which is levied on taxable profit.
(4) No MAT would be imposed on new domestic manufacturing company (incorporated on or after 1st October 2019).
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Q137
Open questionConsider the following statements.
Statement-I: Legal agreements between two countries govern how both the countries tax earnings.
Statement-II: International Law may determine how and whether companies can operate in a certain locale.
Statement-I: Legal agreements between two countries govern how both the countries tax earnings.
Statement-II: International Law may determine how and whether companies can operate in a certain locale.
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Q138
Open questionMatch the items of the List-I with those of the List-II and indicate the correct answer:
| List-I | List-II |
| a. Residential status of an individual | 1. Section 10(13A) |
| b. Agricultural income | 2. Section 10(10) |
| c. House rent allowance | 3. Section 6 |
| d. Gratuity | 4. Section 10(1) |
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Q139
Open questionWhich of the following incomes is NOT taxable as per Income Tax Act?
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Q140
Open questionIn case of replacement of a part only, the expenditure for such replacement is . . . . . . . . in computing the income.
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