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Commerce Income Tax And Corporate Tax Difficulty: Medium

Match the items of List-I with the items of List-II and choose the correct answer from the options given below. List-I List-II a. Compensation received by an employee from his employer on termination of job 1. Exemption upto specified limit b. Pension received by the widow of an employee 2. Profits in lieu of salary c. Foreign allowance for rendering services abroad 3. Income from other abroad sources d. Children hostel allowance 4. Fully exempt from tax

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More Commerce Questions

Hewlett-Packard and Microsoft are examples of As per which of the following sections of the Income tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. Match the following List-I List-II a. Ind AS-223 1. Impairment of assets b. Ind AS-27 2. Borrowing costs c. Ind AS-36 3. Agriculture d. Ind AS-41 4. Separate financial statements If the cost of goods sold is Rs. 1 lakh, the value of opening and closing is Rs. 20,000 and Rs. 30,000 respectively, the stock turnover ratio will be: Which of the following conditions are satisfied in case of sale of depreciable assets, in which assessee has claimed depreciation and sale was in even of discontinuance of business? 1. The difference between the net consideration and WDV shall be treated as short-term capital gain/loss. 2. If the difference between the net consideration and WDV results in gain, then it will be liable to tax. 3. If the difference between the net consideration and WDV results in loss, then it will set-off against any head. Select the correct answer using the options given below