Income Tax And Corporate Tax - Study Mode
[#521] Certain donations are deductible from GTI under section . . . . . . . . of Income Tax Act.
Correct Answer
(A) 80G
[#522] The 5 th character of the PAN indicate
Correct Answer
(D) first letter of the last name of the assessee
Explanation
Solution: The correct answer is Option D: first letter of the last name of the assessee . Here's why: A PAN (Permanent Account Number) is a 10-character alphanumeric identifier. The 5th character specifically provides information about the PAN holder's identity. If the PAN is for an individual, the 5th character represents the first letter of their last name (surname). The other options are incorrect because: Option A: The PAN doesn't use the first letter of the first name in the 5th position. Option B: The PAN doesn't use the first letter of the middle name. Option C: The PAN doesn't use the last letter of the first name.
[#523] Which of the following number of parameters have been outlined by OECD to consider whether jurisdiction is tax haven or not?
Correct Answer
(D) Three
[#524] Match the following. List-I List-II a. Deduction in respect of income of cooperative societies 1. 100% of such income or Rs. 3,00,000, whichever is less b. Deduction in respect of royalty on patent 2. Maximum of Rs. 10,000 c. Deduction in respect of interest on deposits in saving account 3. 100% of profit, but in some case amount is fixed at Rs. 50,000/Rs. 1,00,000 d. Deduction in respect of contribution to certain provident funds 4. Maximum of Rs. 1,50,000
Correct Answer
(A) a-3, b-1, c-2, d-4
[#525] Interest under Section 234A is payable by an assessee due to the following reason
Correct Answer
(A) defaults in furnishing return of income