Income Tax And Corporate Tax - Study Mode

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[#226] The deduction of life insurance premia, contribution to provident fund, etc. Which of the following section is done under the Income Tax Act, 1961?

(A) Section 80C

(B) Section 80U

(C) Section 80D

(D) Section 80E

Correct Answer

(A) Section 80C

[#227] Income from property held under trust for charitable or religious purposes is:

(A) Exempted from tax

(B) Taxable @ 10%

(C) Taxable @ 20%

(D) None of the above

Correct Answer

(A) Exempted from tax

[#228] Which two of the following are correct about TDS Certificates? (1) TDS on non-salary payment Form 16 (2) TDS on salary payment Form 16A (3) TDS on sale of property Form 16 B (4) TDS on rent Form 16 C

(A) 1 and 2

(B) 3 and 4

(C) 1 and 4

(D) 1 and 3

Correct Answer

(B) 3 and 4

[#229] Methods of the tax planning are

(A) capital gain

(B) income from property

(C) income from other source

(D) All of the above

Correct Answer

(D) All of the above

[#230] Which of the following statement is true? 1. The tax rate on STCG is 10%. 2. The tax rate on LTCG is 15%. 3. The tax rate on casual income is 30%. 4. The tax rate on dividend received from domestic company is 10%.

(A) 1 and 2 are true

(B) 2 and 4 are true

(C) 3 and 4 are true

(D) All statements are true

Correct Answer

(C) 3 and 4 are true