Income Tax And Corporate Tax - Study Mode
[#326] Following income of the member of AoP/BoI will be deemed to income of AoP/BoI
Correct Answer
(D) All of these
[#327] In the tax treaties based on OECD and UN model tax conventions, where capital gains arises on alienation of an immovable property, such gains derived
Correct Answer
(C) can be taxed in both States and appropriate relief allowed as per the terms of the DTAA in the place of residence
[#328] Match the items of List-I with the items of List-II and choose the correct answer from the options given below. List-I List-II a. Compensation received by an employee from his employer on termination of job 1. Exemption upto specified limit b. Pension received by the widow of an employee 2. Profits in lieu of salary c. Foreign allowance for rendering services abroad 3. Income from other abroad sources d. Children hostel allowance 4. Fully exempt from tax
Correct Answer
(B) a-2, b-3, c-4, d-1
[#329] Which of the following receipt is revenue in nature as per Income Tax Act? 1. When any contract is entered into in the ordinary course of business, any compensation received for its termination would be a revenue receipt. 2. A receipt under a general insurance policy may be a revenue receipt, if the policy relates to circulation asset. 3. Forfeited security deposits would be revenue receipts, where they are related to the assessee's trading activity. Select the correct answer using the options given below
Correct Answer
(D) All of the above
[#330] Aggregate amount of deduction under 80C, 80CCC and 80CCD cannot exceed:
Correct Answer
(D) Rs. 1,50,000