Income Tax And Corporate Tax - Practice Test

[#56] Gross Total Income (GTI) is calculated under income tax act:

(A) Under section 14

(B) Under section 24

(C) Under section 17

(D) Under section 16

Correct Answer

(A) Under section 14

[#57] Match List-I with List-II : List-I List-II a. 80TTA 1. Deduction in respect of payment of interest on loan taken for higher education b. 80CCD 2. Deduction in respect of interest on loan taken for residential house property c. 80E 3. Deduction in respect of interest on deposits in savings account d. 80EE 4. Deduction in respect of contribution to national pension system Choose the correct option from those given below:

(A) a-3, b-4, c-1, d-2

(B) a-3, b-4, c-2, d-1

(C) a-3, b-1, c-2, d-4

(D) a-1, b-2, c-3, d-4

Correct Answer

(A) a-3, b-4, c-1, d-2

[#58] A person who fulfils one basic condition and one additional condition is

(A) Resident

(B) Non-resident

(C) Not ordinary resident

(D) None of these

Correct Answer

(C) Not ordinary resident

[#59] A non-resident entity or the foreign company having an IT-enabled BPO in India, would be liable to tax in India only if:

(A) The BPO unit constitutes it is permanent establishment

(B) The BPO unit is not covered by the Safe-harbour rules

(C) The foreign company is located in Non-Jurisclictional Area

(D) There is no DTAA between India and the country to which the foreign company belongs

(E) The BPO unit constitutes it is permanent establishment

(F) The BPO unit is not covered by the Safe-harbour rules

(G) The foreign company is located in Non-Jurisdictional Area

(H) There is no DTAA between India and the country to which the foreign company belongs

Correct Answer

(A) The BPO unit constitutes it is permanent establishment
(E) The BPO unit constitutes it is permanent establishment

[#60] If a concern has surplus capacity and even decide to buy a product, it may require to sell a part of its plant and machinery. In such a case, it may be liable to

(A) income tax

(B) capital gain tax

(C) deduct depreciation

(D) None of these

Correct Answer

(B) capital gain tax

Income Tax And Corporate Tax - Study Mode

[#56] Gross Total Income (GTI) is calculated under income tax act:

Correct Answer

Correct Answer

[#58] A person who fulfils one basic condition and one additional condition is

Correct Answer

[#59] A non-resident entity or the foreign company having an IT-enabled BPO in India, would be liable to tax in India only if:

Correct Answer

[#60] If a concern has surplus capacity and even decide to buy a product, it may require to sell a part of its plant and machinery. In such a case, it may be liable to

Correct Answer