Income Tax And Corporate Tax - Study Mode
[#66] As per transfer pricing provisions, an advance pricing agreement is valid for
Correct Answer
(B) Such period as specified in the APA, but not exceeding 5 consecutive years
[#67] Given is the information related to a house Municipal Value (M.V.) Rs. 1,50,000 Fair Rent Rs. 1,80,000 Standard Rent Rs. 1,60,000 Actual Rent Rs. 20000 Municipal tax paid by owner is 20% of M. V. Unrealised rent 40,000 (conditions of rule 4 satisfied). What is the annual value of the house?
Correct Answer
(D) Rs. 1,70,000
[#68] Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties. Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.
Correct Answer
(C) Both (A) and (R) are correct and (R) is the correct explanation of (A)
[#69] The following methods as per section 92C are used in determination of arm's length prices from international transactions and specified domestic transaction except:
Correct Answer
(C) Cost method
[#70] If the payee does not furnish PAN and TDS under section 194, dividends shall be made at:
Correct Answer
(A) 20%