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Association of Person AOP is defined as a person under Income Tax Act . However , what is an Association of Person itself is not defined. The computation of total income of Association of Person or AOP and the way it is charged to tax is quite different and some time complex . So the following quiz...
The income of non resident persons in India is taxed differently under Income Tax Act. There is also distinction between non resident foreigners and no resident Indians (NRIs) who are given certain reliefs . Readers must be relishing previous quiz set on residential status . This quiz set of 10 objective type questions and true false is regarding taxation of income under I.T.Act and...
House property income taxation provision is given in section 22 to section 27 of the Income Tax Act. There are certain benefits attached to acquiring house for self residence by the government. Apart from this , the law of taxing house property is not necessarily dependent on the ownership , but who actually enjoy income out of a property. So , a set...
The provision of transfer pricing is not very old under Income Tax Act. The provision under section 92 was certainly there ,which was expanded in a separate chapter X by Finance Act 2001. Now more and more refinements are being brought in the Chapter and slowly and also the rigor of the provisions are being expanded. Here is selection of 10...
Charitable trust or religious trust are given exemption u/s 11 and 12 of the Income Tax Act. Section 12A , 12AA and 13 are other provisions related to procedure and conditions for claiming exemption . Following is a set of 10 multiple choice questions which will not only test your knowledge but also enhance your tax knowledge...
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
Capital gains exemption u/s 54 provides relief to a tax payer who gets gains on account of sale of … [Read More...]
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Quiz for CA/ICMA/CS Students