Income Tax And Corporate Tax - Study Mode

Show All Answers

[#251] If an assessee is engagedin the business of growing and manufacturing tea in India, the portion of agricultural income in that case shall be

(A) 100%

(B) 60%

(C) 50%

(D) 40%

Correct Answer

(B) 60%

[#252] Find out the assessment year for the following previous year House property Income for which the previous year is April, 2013 to March, 2014?

(A) 2013-14

(B) 2014-15

(C) 2015-16

(D) 2012-13

Correct Answer

(B) 2014-15

[#253] Which of the following are true in tax planning? 1. It is futuristic in its approach. 2. It has limited scope compared to tax management. 3. The benefits arising from it are limited particularly in the short-run. 4. Its main objective is to reduce the tax liability.

(A) 1, 2 and 3

(B) Both 1 and 2

(C) Both 1 and 4

(D) 2, 3 and 4

Correct Answer

(C) Both 1 and 4

[#254] Minimum Alternative Tax (MAT) under Section 115 JB of the Income Tax Act is applicable on

(A) Partnership firm

(B) Association of persons

(C) Certain companies

(D) All types of companies

Correct Answer

(C) Certain companies

[#255] First income tax act was enacted in independent India

(A) 1956

(B) 1962

(C) 1961

(D) 1990

Correct Answer

(C) 1961