Income Tax And Corporate Tax - Study Mode

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[#771] Set-off of losses of the firms is covered under Section

(A) 72

(B) 75

(C) 77

(D) 78

Correct Answer

(B) 75

[#772] Which of the following statements are incorrect? 1. Income tax is grouped in various slabs. 2. Income tax is not charged to progressive rate on increasing slabs of income. 3. A deemed assessee is liable to pay tax on behalf of another person. 4. Assessment year begins as on 1 st January of every year. 5. Certain amount of income tax is exempt from income tax. Select the correct answer using the options given below

(A) Both 1 and 3

(B) Both 2 and 4

(C) Both 1, 3 and 5

(D) All of the above

Correct Answer

(B) Both 2 and 4

[#773] Education cess and secondary higher education cess is liable on

(A) individual

(B) company

(C) all assessee

(D) HUF

Correct Answer

(C) all assessee

[#774] In which of the following cases, dividend tax is not charged? 1. With effect from 1 st April, 2009, the amount of dividend paid to any person for, on behalf of the New Pension System Trust. 2. When the dividend is interim. 3. If such dividend is paid by accumulated profit. 4. If dividend distributed on or after 1 st April, 2005 out of income generated from special economic zone. Select the correct answer using the options given below

(A) Only 1

(B) Both 1 and 4

(C) Only 2

(D) None of the above

Correct Answer

(B) Both 1 and 4

[#775] Bond washing transaction is done

(A) to reduce the tax liability

(B) to make poor happy

(C) to give money to wife

(D) None of these

Correct Answer

(A) to reduce the tax liability