Income Tax and Corporate Tax MCQs

Commerce Objective Questions

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169. Where a person derives income from a nation with which India does not have a DTAA, such person is given credit in India in the following manner.

A. Entire tax paid in the foreign country is allowed as deduction

B. Tax paid in the foreign country on income which is doubly taxed, is allowed as deduction

C. Tax paid on income which is doubly taxed, is allowed as deduction, at the Indian rate of tax only

D. Tax paid on income which is doubly taxed, is allowed as deduction, at the Indian rate of tax or rate of tax of the foreign country, which ever is lower

170. Which one of the following is agricultural income under the Income Tax Act, 1961 ?

A. Interest on arrears of rent in respect of agricultural land

B. Interest received by a money-lender in the form of agricultural produce

C. Income from sale of trees of forest which are of spontaneous growth and in relation to which forestry operations alone are performed

D. Interest on capital received by a partner from the firm engaged in agricultural operations

171. Which of the following is non-agricultural income?

A. Income from leasing out tea estates

B. Income from sale by the assessee of plants grown in pots

C. Amount received in reward by a farmer for growing more crops on his field

D. Income from sale of tobacco after drying it

172. Quoting of Permanent Account Number is mandatory is case of a contract for sale or purchase of securities exceeding value of

B. Rs. 1,00,000

C. Rs. 1,50,000

D. Rs. 2,00,000

173. Salary received by the manager of an agricultural farm is:

A. An agricultural income

B. A business income

C. A salary income

D. A capital income

174. Acrylic Ltd. sourced its new materials from Breeze Ltd. The relationship of associated enterprises would be established when Acrylic Ltd. buys raw material from Breeze Ltd. exceeding:

A. 50% of total raw material purchased

B. 90% of total raw material purchased

C. 25% of total raw material purchased

D. 35% of total raw material purchased

175. Income from business commenced on 1^st March, 2018 will be assessed in the assessment year

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