Income Tax And Corporate Tax - Study Mode

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[#481] Every person whose estimated tax liability for the year is Rs. 10,000 or more is liable to pay advance tax. However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is:

(A) not liable to pay advance tax

(B) liable to pay tax

(C) dependent upon income whether to pay tax or not

(D) No set rule is there

Correct Answer

(A) not liable to pay advance tax

[#482] Surcharge is payable by an individual where the total income exceeds

(A) Rs. 10 lacs

(B) Rs. 25 lacs

(C) Rs. 50 lacs

(D) Rs. 1 crore

Correct Answer

(C) Rs. 50 lacs

[#483] The deduction for donation to National Foundation for Communal Harmony is:

(A) 50%

(B) 100%

(C) 100% Qualifying Amount

(D) None of the above

Correct Answer

(B) 100%

[#484] How many traditional methods are there for calculating a transfer price?

(A) 2

(B) 4

(C) 5

(D) 3

Correct Answer

(D) 3

[#485] Premium paid towards life insurance policies qualifies for deduction under Section 80C, up to a maximum of which of the following amounts a year?

(A) Rs. 2,00,000

(B) Rs. 1,50,000

(C) Rs. 1,00,000

(D) Rs. 1,25,000

Correct Answer

(B) Rs. 1,50,000