Income Tax and Corporate Tax Objective Questions and Answers

477. For persons carrying on profession, tax audit is compulsory, if the gross receipts of the PY exceed

478. Which of the following will be considered as tax planning effort?
1. Mr. A purchased a house for self-residence of Rs. 80 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds.
2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh
3. Mr. A purchased 100 gram gold biscuits on 2.5 lakh from SBI on the occasion of Diwali.
4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya.
Select the correct answer using the options given below

A. Both 1 and 2

479. Regular assessment in respect of any income is to be made in a later assessment year, but . . . . . . . . on such income is payable in the previous year itself.

480. 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 from those below:

481. Exempted income is:

482. The following exemption acts mandate that house should be purchased by assessee and it does not stipulate that house should be purchased in name of assessee. Property purchased by assessee in joint name with his wife for 'shagun' purpose because of fact that assessee was physically handicapped and the whole consideration was paid by assessee, assessee entitled to exemption under the same act. What is the act?

483. Which of the following statements are correct in context of short-term capital gains?

A. An asset held for a period of 36 months or less is a short-term capital asset

B. The criteria of 36 months have been reduced to 24 months for immovable properties such as land, building and house property from FY 2017-18

C. Both A and B

D. None of the above

Discussion

Income Tax and Corporate Tax MCQs