Income Tax And Corporate Tax - Study Mode
[#331] What do we mean by previous year?
Correct Answer
(B) The financial year immediately preceding the assessment year
[#332] In which Section of Income Tax Act, daily allowances received by members of parliament will be exempted?
Correct Answer
(D) 10(17)
[#333] Given below are two statements, one labelled as Assertion (A) and the other labelled as Reason (R). Read the statements and choose the correct answer using the option given below. Assertion (A) Among all methods of charging depreciation on fixed assets, diminishing balance method is the best method. Reason (R) Diminishing balance method of charging depreciation has been permitted under the Income Tax Act, 1961 for claiming deduction for depreciation.
Correct Answer
(D) (A) is incorrect, but (R) is correct
[#334] Gratuity is taxable under the head of income from:
Correct Answer
(C) Salary
[#335] Which of the following is not a case of deemed ownership of house property?
Correct Answer
(D) Co-owner of a property