Income Tax And Corporate Tax - Study Mode
[#381] Which of the following will be considered as tax planning effort? 1. Mr. A purchased a house for self-residence of Rs. 80 lakh by taking a loan of Rs. 60 lakh from SBI at 10% interest, instead of using his own funds. 2. Mr. A made investment in purchasing 12% redeemable debentures of TISCO worth Rs. 1.50 lakh 3. Mr. A purchased 100 gram gold biscuits on 2.5 lakh from SBI on the occasion of Diwali. 4. Mr. A invested Rs. 1 crore in purchasing 5 acres of agricultural land in his native village in Gaya. Select the correct answer using the options given below
Correct Answer
(C) Both 1 and 4
[#382] In exemption method:
Correct Answer
(B) income is taxed in one country and exempt from tax in the other country
[#383] The provisions relating to limitation of interest deduction in respect of debt issued by a non-resident associated enterprise would not apply, where the expenditure by way of interest or similar nature is
Correct Answer
(D) Rs. 1 crore
[#384] In which of the following cases, income of previous year is assessable in the previous year itself?
Correct Answer
(D) A person leaving India permanently
[#385] Agricultural income of Pakistan is taxable for
Correct Answer
(B) Resident