1.
Whichof the following deals with Domestic Company?
A
Sec 2 (224)
B
Sec 2 (22)
C
Sec 2 (26)
D
Sec 2 (234)
Loading practice questions
98 practice sets · Page 1 of 5
Whichof the following deals with Domestic Company?
Sec 2 (224)
Sec 2 (22)
Sec 2 (26)
Sec 2 (234)
Which one of the following is is the casual income
Dividend income
Pension received
Winning from lotteries
Interest received
Which of the following taxes are allowed as deduction while computing the business income?
Income-tax
Sales tax
None of the above
Wealth-tax
Which of the following shall not be regarded as capital asset?
Rural Agricultural land
Archaeological Collections
Paintings
Jewellery
Which of the following is not taxable under the head income from other sources?
Sum received under Keyman Insurance Policy
Rent received on letting of business
Salary to a member of parliament
Family pension
Which of the following is not a capital expense?
Legal expenses for reduction of capital.
Commission to employees to achieve sales Targets.
Expenses of promoting a company.
Installation expenditure of plant of a company.
Which of the following is an objective of tax management?
Productive investment
Compliance with legal formalities
Healthy growth of economy
Minimize litigation
Which of the following donations is eligible for 100 % deduction?
National DefenceFund
Rajive Gandhi Foundation
Any notified temple
Help to poor
Which is the charging section of income under the head profits and gains of business or profession?
Section 15
Section 24
Section 28
Section 17
Which among the following is not available to companies?
80 IB
80 C
80 G
None of these
Which among the following is not a widely held company
Mutual Benefit Finance Company
Private Limited Company
Limited Company
None of these
What are treated as agricultural income
Income from poultry farm
Income from bee heaving
Purchase of standing crops
All of these
Using the loopholes of law to reduce tax is known as
Tax evasion
Tax planning
Tax avoidance
Tax management
Under the Income-tax Act, 1961, notional profit from speculative business is
Taxable under the head income from profits and gains of business and profession
Taxable under the head income from other sources
Taxable either as income from other sources or as income from profits and gains of business and profession
Not taxable.
Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head
Profits and gains of business or profession
Income from other sources
Capital gains
None of the above
Under the Income Tax Act, 1961, depreciation on machinery is charged on
Purchase price of the machinery
Written down value of the machinery
Market price of the machinery
All of the above
Under the head Income from House Property the basis of charge is
Rent Received
Gross Annual Value
Annual Value
Municipal Value
Tonnage tax system is exclusively intended to
Joint stock Companies
partnership firms
Sipping companies
IT Companies
The total income of a non domestic company is taxable at the rate of
20%
30%
40%
35%
The total income of a domestic company is taxable at the rate of
20%
30%
40%
35%