Corporations exempt from income tax are subject to income tax on income of whatever kind and character from any of their properties (real or personal) or from any other activity conducted for profit regardless of the disposition of such income.

TAXES

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	True
B	False
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -Some of the most common types of exempt cor-poration are religious, charitable, -scientific, literary and educational organizations; community chests; chambers of commerce; boards of trade; social clubs; business and civic leagues; fraternal beneficiary societies, etc.

Detailed explanation-2: -Exempt income are those on which tax is not likely to be paid. Some examples are-dividend income, agricultural income etc.

Detailed explanation-3: -As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.

Detailed explanation-4: -Corporate Tax The corporate income tax rate both for domestic and resident foreign corporations is 30% based on net taxable income.

There is 1 question to complete.

MANAGEMENT

BUISENESS MANAGEMENT

TAXES