Income Tax and Corporate Tax Planning — Practice

Question 1

For income earned during the financial year 2025-26, the assessment year in which this income is assessed to tax is

Accepted Answer

A

Question 2

Rental income received by an individual from a commercial building they own, let out to an unrelated business tenant (with the owner not using the property for their own business or profession), is taxable under which head of income?

Accepted Answer

C

Question 3

Premium paid on a life insurance policy, and contributions to specified savings instruments such as PPF, are eligible for deduction from Gross Total Income broadly under which section of the Income Tax Act?

Accepted Answer

B

Question 4

Premium paid toward a health (medical) insurance policy for self and family is eligible for deduction broadly under which section?

Accepted Answer

D

Question 5

A Resident and Ordinarily Resident (ROR) individual's global (worldwide) income is taxable in India, whereas a Non-Resident's Indian tax liability generally extends only to

Accepted Answer

A

Question 6

Deliberately concealing taxable income or falsifying business records specifically to reduce reported tax liability, in violation of law, is best classified as

Accepted Answer

A

Question 7

An intra-state supply of goods within India attracts which combination of GST components?

Accepted Answer

D

Question 8

Input Tax Credit (ITC) under GST allows a registered business to

Accepted Answer

C

Question 9

Using the illustrative slab structure introduced in this chapter (illustrative figures only, not necessarily matching any specific assessment year's actual rates: Nil up to ₹3,00,000; 5% from ₹3,00,001-₹6,00,000; 10% from ₹6,00,001-₹9,00,000), compute the tax payable (before cess) on a Total Income of ₹6,50,000.

Accepted Answer

B

Question 10

A let-out property has a Gross Annual Value of ₹3,60,000, municipal taxes of ₹10,000 paid by the owner during the year, and interest of ₹1,00,000 paid on a loan taken for this property. Using the standard 30% deduction on Net Annual Value, the income chargeable under 'Income from House Property' is

Accepted Answer

A

Question 11

An individual purchases listed equity shares and sells them after holding them for a period well beyond the holding-period threshold applicable to that asset category. Such shares, once that threshold is crossed, are classified as a

Accepted Answer

C

Question 12

The GST Council, the constitutional body that recommends GST rates, exemptions, and structural changes, is chaired by

Accepted Answer

D

Question 13

Under Section 2(31) of the Income Tax Act, the term 'person' includes which of the following categories?

Accepted Answer

B

Practice — Income Tax and Corporate Tax Planning

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