Income Tax and Corporate Tax MCQs

Commerce Objective Questions

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533. If any of income from house property is received in previous year, then it is chargeable to tax under lead

A. income from capital gain

B. income from business and profession

C. income from house property

D. will not be chargeable

534. What are the incomes are considered as an agricultural income?

A. Any rent received from land which is used for agricultural purpose

B. Any income derived from such land by agricultural operations

C. Income attributable to farm house

D. All of the above

535. Family pension is taxable under the head

B. income from other sources

C. capital gain

D. None of the above

536. The rate of depreciation on intangible assets is

537. The children education allowance, the amount exempted from taxable income is limited to:

A. Rs. 100 per month per child up to 3 children

B. Rs. 1,000 per year per child up to 2 children

C. Rs. 100 per year per child up to 2 children

D. None of the above

538. Which of the following is not a direct tax?

A. Tax on wealth

B. Tax on income

C. Tax on entertainment

D. Tax on expenditure

539. Objective of tax planning is

A. avoidance of tax

B. minimise of tax liability

C. payment of tax at time

D. different of tax

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