Income Tax And Corporate Tax - Practice Test

[#136] Which of the following statements are true in context of 'dividend received from an Indian company'?

(A) This dividend was exempt until 31 st March 2020 (Financial Year 2019-20). That was because the company declaring such dividend already paid dividend distribution tax (DDT)before making payment

(B) The Finance Act, 2020 changed the method of dividend taxation

(C) Both A and B

(D) None of the above

Correct Answer

(C) Both A and B

[#137] Dividend from an Indian company is not taxable. It is exempt under Section.

(A) 10(10)

(B) 10(34)

(C) 10(2A)

(D) 2(AA)

Correct Answer

(B) 10(34)

[#138] What is the overriding problem with the three traditional methods when trying to set a transfer price?

(A) They are too time-consuming

(B) External data may not be available

(C) They are too expensive

(D) Internal data may not be available

Correct Answer

(B) External data may not be available

[#139] Which of the following percentage of standard deduction from annual value is allowed?

(A) 10%

(B) 20%

(C) 30%

(D) 15%

Correct Answer

(C) 30%

[#140] According to the Organization for Economic Co-operation and Development, which of the following parameters are considered to decide whether a jurisdiction is tax haven or not?

(A) Rate of tax applicable

(B) With holding personal financial information

(C) Lack of transparency

(D) All of the above

Correct Answer

(D) All of the above

Income Tax And Corporate Tax - Study Mode

[#136] Which of the following statements are true in context of 'dividend received from an Indian company'?

Correct Answer

[#137] Dividend from an Indian company is not taxable. It is exempt under Section.

Correct Answer

[#138] What is the overriding problem with the three traditional methods when trying to set a transfer price?

Correct Answer

[#139] Which of the following percentage of standard deduction from annual value is allowed?

Correct Answer

[#140] According to the Organization for Economic Co-operation and Development, which of the following parameters are considered to decide whether a jurisdiction is tax haven or not?

Correct Answer