Income Tax And Corporate Tax - Study Mode

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[#286] Under Income Tax Act, 1961 incidence of taxation depends on

(A) Citizenship

(B) Age

(C) Residential status

(D) Gender

Correct Answer

(C) Residential status

[#287] Residential status of an assesses can be:

(A) Different for different previous year in the same assessment year

(B) Different for different assessment years

(C) None of the above

(D) All of the above

Correct Answer

(B) Different for different assessment years

[#288] Match the following. List-I List-II a. . . . . . . . . means accumulated wealth. 1. Flow b. Capital is . . . . . . . . 2. Capital c. . . . . . . . . is one, which is turned over, and in the process of being turned over yields income or loss. 3. Fund d. Revenue is . . . . . . . . 4. Circulating Capital

(A) a-2, b-3, c-4, d-1

(B) a-4, b-3, c-2, d-1

(C) a-2, b-4, c-3, d-1

(D) a-4, b-2, c-3, d-1

Correct Answer

(A) a-2, b-3, c-4, d-1

[#289] X purchased a land in th PY 1997-98 for Rs. 50,000. This land was sold by him during the PY 2018-19 for Rs. 8,00,000. The fair market value of this land on 1 st April 2021 was Rs. 1,20,000. It the cost inflation index for the AY 2019-20 is his capital gain for the AY 2019-20 will be

(A) Rs. 4,64,000

(B) Rs. 7,50,000

(C) Rs. 6,80,000

(D) Rs. 41,600

Correct Answer

(A) Rs. 4,64,000

[#290] The house rent allowance (HRA) under the salary head of Income Tax Act is given by:

(A) Section 10

(B) 10(13A)

(C) Section 11(13B)

(D) Section 11

Correct Answer

(B) 10(13A)