Income Tax And Corporate Tax - Study Mode

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[#426] Income tax is a

(A) Direct tax

(B) Indirect tax

(C) Regressive tax

(D) None of these

Correct Answer

(A) Direct tax

[#427] Which of the following statements are true in the context of clubbing of income? 1. Provisions of Section 64 of the Income Tax Act, 1961, deals with clubbing of income. 2. Under Section 64(1)(ii), the remuneration of spouse from a concern in which the other spouse has substantial interest, is done. 3. Under Section 64(1)(iv), income from assets transferred to the spouse is done. 4. Under Section 64(1A), the clubbing of a minor child is done.

(A) 1, 2 and 3

(B) 2, 3 and 4

(C) 1, 3 and 4

(D) All of the above

Correct Answer

(D) All of the above

[#428] Income from house property which is owned by political party is exempt under?

(A) Section 12C

(B) Section 13A

(C) Section 10(10)

(D) Section 10(24)

Correct Answer

(B) Section 13A

[#429] The transfer of old movable assets will be tax-free if it is used for:

(A) 1 year

(B) 5 years

(C) 10 years

(D) 15 years

Correct Answer

(C) 10 years

[#430] Maximum amount of deduction allowable under section 80CCF is:

(A) Rs. 10,000

(B) Rs. 20,000

(C) Rs. 25,000

(D) Rs. 1,00,000

Correct Answer

(B) Rs. 20,000