Income Tax And Corporate Tax - Study Mode
[#716] Which of the following factors is not considered under the OECD model convention to determine the residence of an individual?
Correct Answer
(C) Own house in Calcutta given on rent for the last ten years
[#717] If the book profits of a partnership firm is Rs. 1,10,000, the remuneration admissible to working partners under Section 40(b) of the Income Tax Act, 1961 is
Correct Answer
(B) Rs. 1,50,000
[#718] Which of the following statements is/are correct? 1. Any income, which is received in India, during the previous year by any assessee, is liable to tax in India, irrespective of the residential status of the assessee and the place of accrual of such income. 2. The day the individual enters India and the day he leaves India should both be treated as stay in India for calculating residential status of a person. 3. Presence in territorial water of India would also be regarded as presence in India. Select the correct answer using the options given below
Correct Answer
(D) All of the above
[#719] The salary received by the manager of an agricultural farm is
Correct Answer
(D) Income from salary
[#720] In which of the following cases, the house property income is exempt from tax?
Correct Answer
(C) House property of local authority