Income Tax And Corporate Tax - Practice Test

[#641] Which of the following statement/s is/are correct?

(A) Education cess is an additional levy on the basic tax liability. Governments resort to imposition of cess for meeting specific expenditure

(B) Both corporate and individual income is at present subject to an education cess of 2%

(C) The government imposed additional 1% cess in FY08 to finance secondary and higher education. Thus, the total education cess currently stands at 3%

(D) All of the above

Correct Answer

(D) All of the above

[#642] Which income is tax free?

(A) Agricultural income

(B) Amount received from H.U.F.

(C) Contingency income

(D) All of the above

Correct Answer

(D) All of the above

[#643] Rent received by original tenant from sub-tenant is taxable under the head:

(A) Income from House Property

(B) Income from Other Sources

(C) Income from Capital Gain

(D) None of the above

Correct Answer

(B) Income from Other Sources

[#644] From FY 2020-21, a citizen of India or a person of Indian origin who leaves India for employment outside India during the year will be a resident and ordinarily resident if he stays in India for an aggregate period of:

(A) 182 days or more

(B) 73 days or more

(C) 365 days or more

(D) 146 days or more

Correct Answer

(A) 182 days or more

[#645] Tax haven is a place where:

(A) tax rates are very high

(B) there is no tax on income

(C) tax rates are very low

(D) there is no tax on income or tax rates are very low

Correct Answer

(D) there is no tax on income or tax rates are very low

Income Tax And Corporate Tax - Study Mode

[#641] Which of the following statement/s is/are correct?

Correct Answer

[#642] Which income is tax free?

Correct Answer

[#643] Rent received by original tenant from sub-tenant is taxable under the head:

Correct Answer

[#644] From FY 2020-21, a citizen of India or a person of Indian origin who leaves India for employment outside India during the year will be a resident and ordinarily resident if he stays in India for an aggregate period of:

Correct Answer

[#645] Tax haven is a place where:

Correct Answer