Income Tax And Corporate Tax - Practice Test

[#601] CESS is a

(A) Surcharge on any tax

(B) An additional tax on luxury goods

(C) A temporary arrangement for receiving revenue

(D) None of the above

Correct Answer

(A) Surcharge on any tax

[#602] Match the following. List-I List-II a. Section 80DDB 1. Interest on certain securities, etc b. Section 80G 2. Contribution to certain pension funds c. Section 80L 3. Deduction for medical treatment d. Section 80CCC 4. Donation to certain funds, etc

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

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

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

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

Correct Answer

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

[#603] Agricultural income of a taxpayer shall be added to his non-agricultural income only if

(A) The agricultural income of the taxpayer is more than Rs. 5,000

(B) When the agricultural income of the taxpayer is Rs. 600 and the non-agricultural income is Rs. 50,000

(C) Non-agricultural income of the taxpayer exceeds Rs. 50,000

(D) The agricultural income of the taxpayer is more than Rs. 5,000 an the non-agricultural income is more than the minimum limit of taxable income

Correct Answer

(D) The agricultural income of the taxpayer is more than Rs. 5,000 an the non-agricultural income is more than the minimum limit of taxable income

[#604] Which section of the Income Tax Act exempted incomes have been mentioned?

(A) Section 80C

(B) Section 80DD

(C) Section 10

(D) Section 2

Correct Answer

(C) Section 10

[#605] Which of the following statements correctly the approach of customs authorities and direct taxation authorities, when it comes to setting a transfer price?

(A) Both authorities will want to set the lowest possible transfer price

(B) The customs authorities will want to set a high transfer price while the direct taxation authorities will want to set a low price

(C) Both authorities will want to set the highest possible transfer price

(D) The customs authorities will want to set a low transfer price while the direct taxation authorities will want to set a high price

Correct Answer

(B) The customs authorities will want to set a high transfer price while the direct taxation authorities will want to set a low price

Income Tax And Corporate Tax - Study Mode

[#601] CESS is a

Correct Answer

[#602] Match the following. List-I List-II a. Section 80DDB 1. Interest on certain securities, etc b. Section 80G 2. Contribution to certain pension funds c. Section 80L 3. Deduction for medical treatment d. Section 80CCC 4. Donation to certain funds, etc

Correct Answer

[#603] Agricultural income of a taxpayer shall be added to his non-agricultural income only if

Correct Answer

[#604] Which section of the Income Tax Act exempted incomes have been mentioned?

Correct Answer

[#605] Which of the following statements correctly the approach of customs authorities and direct taxation authorities, when it comes to setting a transfer price?

Correct Answer