Income Tax And Corporate Tax - Study Mode
[#446] In tax laws, donation to approved and notified association for scientific research is allowed as:
Correct Answer
(B) 100% of the donation
Explanation
Solution: In tax laws, donation to approved and notified association for scientific research is allowed as 100% of the donation. Explanation: Section 80GGA allows deductions for donations made towards scientific research or rural development.
[#447] Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion. In the context of the above two statements, which one of the following is correct?
Correct Answer
(B) Statement (I) is correct, but (II) is incorrect
[#448] Where a person derives income from a nation with which India does not havea DTAA, such person is given credit in India in which of the following manner?
Correct Answer
(D) Tax paid on income which is doubly taxed, is allowed as deduction, at the Indian rate of tax or rate of tax of the foreign country, whichever is lower
[#449] The revenue expenditure on research incurred by the assesses himself is allowed for deduction only if
Correct Answer
(A) Research is related to business only
[#450] If the agricultural land is used for tea plantation, then the tax liability is:
Correct Answer
(D) 60% agricultural and 40% non-agricultural