Income Tax And Corporate Tax - Study Mode
[#541] Given below are two statements. One is labelled as Assertion (A) and the other is labelled as Reason (R) . Assertion (A): Tax should not be charged on dividend income from the shareholders. Reason (R): Some economists are of the opinion that when tax has already been paid on the profit of the company and balance is distributed as dividend to the owners, tax need not be levied on them. In the light of the above two statements, choose the correct answer from the options given below.
Correct Answer
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)
[#542] Minimum Alternate Tax (MAT) is imposed on
Correct Answer
(A) All companies
[#543] Which one of the following is agricultural income under the Income Tax Act, 1961 ?
Correct Answer
(D) Interest on capital received by a partner from the firm engaged in agricultural operations
[#544] Any amount of money received in excess of Rs. 50,000 without consideration is fully taxable in the hands of
Correct Answer
(B) Individuals and HUF
[#545] Which of the following deductions will not come under Sec. 80 of the Income Tax Act?
Correct Answer
(C) Deduction for interest on loan taken for the construction / purchase of house property