Income Tax And Corporate Tax - Study Mode

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[#591] The rate of TDS on income from winning from lottery, crossword puzzle, card game is

(A) 15% + Education cess + SHEC

(B) 20% + Education cess + SHEC

(C) 25% + Surcharge + Education cess + SHEC

(D) 30%

Correct Answer

(D) 30%

[#592] Revised return can be furnished within which of the following time framework from the end of the month in which the said APA was entered into?

(A) 3 months

(B) 1 month

(C) 6 months

(D) 1 year

Correct Answer

(A) 3 months

[#593] If an assesses earns rent from a sub-tenant in respect to tenanted property let out as a residence, the said rent is:

(A) Exempted under Section 10

(B) Taxable under the head income from house property

(C) Taxable as business income, as the letting out is a commercial activity

(D) Taxable as income from other sources

Correct Answer

(D) Taxable as income from other sources

[#594] Which of the following statement(s) is/are true? 1. Section 147 is related to re-assessment. 2. Section 148 is related to regular assessment. 3. Section 145 is related to best judgement assessment. 4. Section 140A is related to self-assessment.

(A) Both 1 and 3 are true

(B) Both 1 and 4 are true

(C) Both 2 and 3 are true

(D) Both 3 and 4 are true

Correct Answer

(B) Both 1 and 4 are true

[#595] For the purpose of assessment under Income Tax Act, 1961, which combination of the following represent income? 1. Tax-free salary from the private sector employer 2. Pin money received by a family member 3. Awards received by the sports person 4. Loss incurred by the assessee 5. Perquisites received by employees Select the correct one from the options given below

(A) 1, 2, 3 and 4

(B) 2, 3, 4 and 5

(C) 1, 3, 4 and 5

(D) 1, 2, 4 and 5

Correct Answer

(C) 1, 3, 4 and 5