Income Tax And Corporate Tax - Study Mode
[#586] The HUF is said to be resident in India if:
Correct Answer
(A) The control and management of its affairs is wholly or partly situated in India
[#587] Consider the following statements. 1. Tax planning is not essential for every assessee, while tax management is essential for every person, otherwise he may be liable for penal interest, penalty and prosecution. 2. In tax planning alternative economic activities are studied and an activity with least incidence of tax is selected. Where as tax management includes maintenance of accounts in prescribed form. Get these audited, filling the required forms and returns, payment of taxes etc. 3. Tax planning always done in isolation. 4. Tax planning is guide in decision making, while tax management is a regular feature of an undertaking. Which of the statement(s) given above is/are correct?
Correct Answer
(C) 1, 2 and 4
[#588] Donation to National Children's Fund will come in which of the following deduction under Section 80G of Income Tax Act, 1961?
Correct Answer
(A) 100% deduction without any qualifying limit
[#589] Quoting of Permanent Account Number is mandatory in case of sale or purchase of any immovable property valued at
Correct Answer
(D) Rs. 5,00,000 or more
[#590] Under Section 80E of the Income Tax Act, 1961 deduction in respect of payment of interest on loan taken for higher education shall be allowed up to:
Correct Answer
(D) Without any limit