Income Tax And Corporate Tax - Study Mode
[#356] Section 111A is applicable in case of STCG arising on transfer of equity shares through recognized stock exchange and such transaction is liable to securities transaction tax. STCG covered under section 111A is charged to tax at the rate of:
Correct Answer
(A) 15% (plus surcharge and cess as applicable)
[#357] Mr. XYZ deposits Rs. 1,00,000 in PPF account to claim deduction under section 80C. It is:
Correct Answer
(A) Tax planning
[#358] Exemption, under Section 54F of the Income Tax Act, 1961, shall not be allowed if the assessee, on the date of transfer owns
Correct Answer
(D) more than one residential house
[#359] Donation made to following are eligible for 100% deduction without any qualifying limit. 1. National Defence Fund set-up by the Central Government 2. National Sports Fund set-up by the Central Government 3. Jawaharlal Nehru Memorial Fund 4. National Illness Assistance Fund 5. National Children's Fund Select the correct answer using the options given below
Correct Answer
(A) 1, 2 and 4
[#360] An equipment was acquired at a cost of Rs. 10 lakh and was put to use in Scientific Research. After one year of research the equipment was brought into another business of the assessee. For charging depreciation, block of assets shall be increased by:
Correct Answer
(D) Nil