Quiznetik
Income Tax | Set 3
1. A partnership firm will be assessed as firm if there is .........................
A. an agreement
B. a written agreement
C. an oral agreement
D. none of the above.
Correct : B. a written agreement
2. Partnership firms are governed by the provisions of the Indian Partnership Act of ...................
A. 1956
B. 1932
C. 1946
D. 1881
Correct : B. 1932
3. A firm shall pay tax on long term capital gain @ .................................
A. 15%
B. 20%
C. 25%
D. 30%
Correct : B. 20%
4. Section 89 of the Income tax Act deals with .............................
A. perquisites
B. arrears of salary income
C. allowances
D. profit in lieu of salary
Correct : B. arrears of salary income