Income Tax and Corporate Tax Objective Questions and Answers

316. An expenditure incurred to preserve and maintain an existing asset is

317. Tax rates on the basis of slab system are applicable for the following assessee.

318. The amount of interest received from a single post office savings account is exempt from income tax to the extent of

319. 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:

A. (1) → (3) → (4) → (2)

B. (1) → (2) → (3) → (4)

C. (1) → (2) → (4) → (3)

D. (3) → (1) → (4) → (2)

Discussion

320. As per the provisions of the Income Tax Act, 1961, which of the following is not an objective of the Central Government to enter into tax treaty with another country?

A. For granting relief in respect of income tax chargeable to tax in India and other country

B. For enabling round tripping of unaccounted money in India

C. For recovery of income tax

D. For exchange or information for prevention of evasion or avoidance of income tax

Discussion

321. 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?

322. The income tax act, 1961 came into force-

A. On 1^st April 1962

B. On 1^st May 1962

C. On 1^st June 1961

D. On 1^st April 1961

Discussion

Income Tax and Corporate Tax MCQs