Income Tax and Corporate Tax MCQs

Commerce Objective Questions

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575. Which is an indirect tax?

D. All of these

576. Who will sign return of income in case of political party?

A. Chief Executive Officer

C. Prime Minister

D. None of these

577. Salary received by a partner from partnership firm will be included in income from

B. business and profession

C. house property

D. None of the above

578. Which of the following statement is not correct?

A. X is an individual assessee. He pays a monthly rent of portion of Rs. 10,000 pm. He cannot deduct tax at source

B. On salaries, tax is deducted at source according to provisions of Section 192

C. No tax is deducted at source in respect of interest on securities issued by a domestic company

D. Bank will deduct tax at source @ 10% if bank fixed deposit's interest credit is more than Rs. 10,000 in a year

579. Match the items of List-I with List-II.

List-I	List-II
a. Tax Planning	1. Making suitable arrangement of TDS
b. Tax Avoidance	2. Understatement of Income
c. Tax Evasion	3. Availing deduction under Section 10A of IT Act
d. Tax Administration	4. Misinterpreting the provisions of the IT Act

A. a-2, b-1, c-4, d-3

B. a-1, b-4, c-3, d-2

C. a-3, b-4, c-2, d-1

D. a-4, b-1, c-3, d-2

580. Income which accrue or arise outside India from a business controlled from India is taxable in case of

A. resident only

B. both ordinarily resident and not ordinarily resident

C. non-resident

D. All of the above

581. For the purpose of deduction under section 80DD, which of the following statements is/are true?

A. Assessee is either and individual or a HUF

B. Assessee is resident of India

C. Assessee has a dependent disable relative

D. All of the above

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