Income Tax And Corporate Tax - Study Mode
[#1] Rent from House Property let out by an assessee to his employees when such letting is incidental to his main business will be chargeable to tax under head:
Correct Answer
(A) Profit and Gain from Business and Profession
[#2] Two enterprises shall be deemed to be associated enterprises if, at any time during the previous year, one enterprise holds shares carrying not less than of the voting power in the other enterprise.
Correct Answer
(C) 26%
[#3] Which of the following incomes is not deemed to accrue or arise in India under Section 9(1)(i) of the Income Tax Act, 1961?
Correct Answer
(D) Income relating to operations which are confined to purchase of goods in India for the purpose of export
[#4] Mr A earned a capital gain of Rs. 100 lakh on 31 st February, 2019 from the sale of a long-term capital asset (land) within the limits of Jaipur corporation. If he invests Rs. 60 lakh, out of Rs. 100 lakh, in Rural electricity corporation bonds approved under Section 54EC in 20 th February, 2019, what is the amount of exemption he can claim under Section 54EC of Income Tax Act for the AY 2019-20?
Correct Answer
(B) Rs. 50 lakh
[#5] On which value assessee has to pay income tax on building or land appurtenant?
Correct Answer
(C) Annual value