Income Tax And Corporate Tax - Study Mode
[#46] The provisions relating to limitation of interest deduction in respect of debt issued by a non-resident associated enterprises are not applicable to an Indian company engaged in the business of
Correct Answer
(B) banking and insurance business
[#47] Which of the following statements are correct? 1. Charity received from customers is not business income 2. In connection with the statutory income tax preceding, expenses upto Rs. 20,000 are admissible 3. Expenses incurred for issuing share are deductible Select the correct answer using the options given below
Correct Answer
(A) Only 1
[#48] Match List-I with List-II in context of Income Tax. List-I (Sections) List-II (Deductions) a. Section 80C 1. Pension Contribution b. Section 80CCC 2. Deductions on Investments c. Section 80CCD 3. Insurance Premium d. Section 80TTA 4. Interest on Savings Account e. Section 80GG 5. House Rent Paid
Correct Answer
(A) a-2, b-3, c-1, d-4, e-5
[#49] The income of a minor shall be added to the taxable income of his guardian, if the income-
Correct Answer
(A) More than Rs. 1500
[#50] Rate of interest on advance tax, if it is paid less than 90%
Correct Answer
(B) 1% per month