Income Tax And Corporate Tax - Practice Test

[#191] Consider the following conditions: I. An individual is in India for a period of 182 days in the financial year in which he is getting his salary income. II. An individual is in India for a period of 60 days or more during financial year in which he gets his salary and 365 days or more during 4 years immediately preceding to that financial year. If one of the above conditions is satisfied, as per the provisions of Income Tax Act, 1961, he is:

(A) Resident but not ordinarily resident of India

(B) Non-resident citizen of India

(C) Resident and categorised citizen of India U/S 29

(D) Ordinary resident of India

Correct Answer

(D) Ordinary resident of India

[#192] Which of the following are true in tax planning? (i) It is futuristic in its approach. (ii) It has limited scope compared to tax management. (iii) The benefits arising from it are limited particularly in the short run. (iv) Its main objective is to reduce the tax liability.

(A) (i), (ii) and (iii)

(B) (i) and (ii)

(C) (i) and (iv)

(D) (ii), (iii) and (iv)

Correct Answer

(C) (i) and (iv)

[#193] Loss from speculation business can be set-off against

(A) speculation business income

(B) any business income

(C) cannot be set-off

(D) only 20% loss can be set-off

Correct Answer

(A) speculation business income

[#194] Consider the following statements. 1. Concealment of income is a step of tax evasion. 2. Tax evasion is a immoral process. 3. Tax planning is long and short-term. Which of the statement(s) given above is/are correct?

(A) Both 1 and 2

(B) Only 3

(C) Both 2 and 3

(D) All of the above

Correct Answer

(D) All of the above

[#195] Which of the following statements are true?

(A) The losses from any casual income cannot be set off against any losses

(B) No expenses can be calmed against any casual Income

(C) If in any year, the tax payer has incurred losses under one head of income and is having income under other head of income, then he can adjust the losses from one head against income from other head

(D) All of the above

Correct Answer

(D) All of the above

Income Tax And Corporate Tax - Study Mode

Correct Answer

[#192] Which of the following are true in tax planning? (i) It is futuristic in its approach. (ii) It has limited scope compared to tax management. (iii) The benefits arising from it are limited particularly in the short run. (iv) Its main objective is to reduce the tax liability.

Correct Answer

[#193] Loss from speculation business can be set-off against

Correct Answer

[#194] Consider the following statements. 1. Concealment of income is a step of tax evasion. 2. Tax evasion is a immoral process. 3. Tax planning is long and short-term. Which of the statement(s) given above is/are correct?

Correct Answer

[#195] Which of the following statements are true?

Correct Answer