Income Tax And Corporate Tax - Study Mode
[#566] The exemption under section 54 shall be available:
Correct Answer
(A) To the extent of capital gain invested in the house property
[#567] Income tax was imposed for the first time in India
Correct Answer
(D) By James Wilson
[#568] Which of the following statements are correct? 1. Provision made for sales tax is admissible deduction. 2. Wealth tax paid by a company is a deductible expense. 3. Contribution to a political party is a deductible expense. Select the correct answer using the options given below
Correct Answer
(A) Only 1
[#569] Under Section 271C of the Income Tax Act, 1961, the amount of penalty for failure to deduct tax at source is
Correct Answer
(B) 100% of tax which is otherwise deductible under Section 194C
[#570] Salary, bonus, commission or remuneration due or received by a working partner from the firm is taxable under the head
Correct Answer
(C) income from business and profession