Income Tax And Corporate Tax - Study Mode

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[#531] Mr X, a non-resident, earned Rs. 36,000 as interest on German Development Bonds. Of this, he received $${frac{1}{6}^{{ ext{th}}}}$$ in India. The amount to be included as interest for the computation of his gross total income is

(A) Rs. 36,000

(B) Rs.30,000

(C) Rs. 6,000

(D) Nil

Correct Answer

(C) Rs. 6,000

[#532] An expenditure incurred to preserve and maintain an existing asset is

(A) maintenance

(B) repairs

(C) current repairs

(D) current maintenance

Correct Answer

(B) repairs

[#533] Income Tax Act Section 24 is related to

(A) Annual value

(B) Deduction income from house property

(C) Municipal tax

(D) None of these

Correct Answer

(B) Deduction income from house property

[#534] Two enterprises shall be deemed to be associated enterprises if, at any time during the previous year, a loan advanced by one enterprise to the other enterprise constitutes not less than of the book value of the total assets of the other enterprise.

(A) 15%

(B) 51%

(C) 26%

(D) 10%

Correct Answer

(B) 51%

[#535] The Income Tax Act was implemented on 1 st April 1961. Which of the following areas basically falls under the scope of the Income Tax Act, 1961?

(A) Basic charging income

(B) Rebates and reliefs

(C) Incomes exempted from income tax

(D) All of the above

Correct Answer

(D) All of the above