Income Tax And Corporate Tax - Practice Test

[#76] Which of the following statement/s is/are true in context of Advance Ruling?

(A) Advance Ruling means that written opinion or authoritative decision by an Authority empowered to render it with regard to the tax consequences of a transaction or proposed transaction or an assessment in regard thereto

(B) It has been defined in section 245N(A) of the Income tax Act, 1961 as amended from time-to-time

(C) Both A and B

(D) None of the above

Correct Answer

(C) Both A and B

[#77] Tax . . . . . . . . is not valid.

(A) Evasion

(B) Planning

(C) Avoidance

(D) Management

Correct Answer

(A) Evasion

[#78] The meaning of exempted income is:

(A) Not included in total income

(B) Agricultural income

(C) Not taxable under income tax

(D) All of the above

Correct Answer

(D) All of the above

[#79] A person is liable to pay interest, if advance tax paid by him is less than

(A) 99% or less

(B) 92% or less

(C) 95% or less

(D) 90%

Correct Answer

(D) 90%

[#80] To which of the following assessees, ITR- 1 (SAHAJ) is applicable to:

(A) Income from salary/pension

(B) Income from one house property (excluding cases where loss is brought forward from previous years or loss to be carried forward)

(C) Income from other sources (excluding winnings from lottery, income from race horses and income chargeable to tax at special rates)

(D) All of the above

Correct Answer

(D) All of the above

Income Tax And Corporate Tax - Study Mode

[#76] Which of the following statement/s is/are true in context of Advance Ruling?

Correct Answer

[#77] Tax . . . . . . . . is not valid.

Correct Answer

[#78] The meaning of exempted income is:

Correct Answer

[#79] A person is liable to pay interest, if advance tax paid by him is less than

Correct Answer

[#80] To which of the following assessees, ITR- 1 (SAHAJ) is applicable to:

Correct Answer