Income Tax And Corporate Tax - Practice Test

[#36] Which one of the following does not describe a type of transfer pricing?

(A) Cost based

(B) Negotiated

(C) Administered

(D) Target based

Correct Answer

(D) Target based

[#37] Which of the following staternent/s is/are true?

(A) As per section 194J, tax is to be deducted @ 10% from the payments made to any person who is engaged only in the business of call centre

(B) Tax is to be deducted under section 193 if any person pays any income by way of interest on securities to a resident as well as to a non-resident

(C) Both are true

(D) Both are false

Correct Answer

(D) Both are false

[#38] Education cess of 3% is payable on:

(A) Income tax

(B) Income tax plus surcharge

(C) Surcharge

(D) None of these

Correct Answer

(B) Income tax plus surcharge

[#39] Income from business commenced on 1 st March, 2018 will be assessed in the assessment year

(A) 2017-18

(B) 2018-19

(C) 2019-20

(D) 2020-21

Correct Answer

(B) 2018-19

[#40] Bilateral relief means a relief in which:

(A) home country of the taxpayer provides tax relief, where no mutual agreement has been entered into by the two countries for providing relief double taxation

(B) government of two countries, enter into an agreement to provide relief against double taxation on mutually agreed basis

(C) Both A and B

(D) None of the above

Correct Answer

(B) government of two countries, enter into an agreement to provide relief against double taxation on mutually agreed basis

Income Tax And Corporate Tax - Study Mode

[#36] Which one of the following does not describe a type of transfer pricing?

Correct Answer

[#37] Which of the following staternent/s is/are true?

Correct Answer

[#38] Education cess of 3% is payable on:

Correct Answer

[#39] Income from business commenced on 1 st March, 2018 will be assessed in the assessment year

Correct Answer

[#40] Bilateral relief means a relief in which:

Correct Answer