Income Tax and Corporate Tax MCQs

Commerce Objective Questions

Home / Commerce / Income Tax and Corporate Tax

680. Which of the following would attract capital gains tax?

A. Special Bearer Bond, 1991

B. $$6\frac{1}{2}\% $$ Gold Bond, 1977

C. Stock-in-trade

D. None of the above

681. A company sold a residential house. Under which Section, the company can get exemption on long-term capital gains?

C. Section 54EC

682. The depreciation on the assets in case of new plant and machinery is:

A. Depreciation sum equals to 20% of the actual cost of new plant and machinery

B. Depreciation sum equals to 50% of the actual cost of new plant and machinery

C. Depreciation sum equals to 30% of the actual cost of new plant and machinery

D. Depreciation sum equals to 10% of the actual cost of new plant and machinery

683. Which of the following person is eligible to seek advance ruling from authorities?

A. Senior citizens

B. Professionals

C. Foreign companies

D. Non-residents

684. Which of the following statement/s is/are correct?

A. Education cess is an additional levy on the basic tax liability. Governments resort to imposition of cess for meeting specific expenditure

B. Both corporate and individual income is at present subject to an education cess of 2%

C. The government imposed additional 1% cess in FY08 to finance secondary and higher education. Thus, the total education cess currently stands at 3%

D. All of the above

685. The salary, remuneration or compensation received by the partners is taxable under the head:

A. Income from Other Sources

B. Income from Business

D. None of the above

686. In order to invoke the tax treaty for a person who is a dual resident, i.e. tax resident in both the countries, which rule may be applied under the relevant article of the tax treaties to resolve the issue?

A. Force of attraction

C. Equivalent beneficiary

D. Non-discrimination

Page 98 of 117

« 96 97 98 99100 »