alleryStart learning →How are domestic and foreign corporations usually taxed?
ABoth on worldwide income
BBoth on local income only
CDomestic worldwide, foreign local
DDomestic local, foreign worldwide
Answer & Solution
Correct answer: C. Domestic worldwide, foreign local
Residents are generally taxed on worldwide income, while foreign corporations are taxed only on income sourced within the jurisdiction.
Keep practising Taxation of Companies
Browse all Taxation of Companies questions for CA Final, or explore more Taxation topics.
Related questions
Which section imposes a late fee for delay in filing the return?Under-reported income attracts a penalty of what share of tax under section 270A?A defective return must be rectified within how many days of notification?A revised return to correct an omission is filed under which section?Which section governs a belated income-tax return?Cumulatively, what share of advance tax must be paid by 15 December?What is the rate of health and education cess levied on the tax of a company in India?Income tax is generally computed as tax rate multiplied by what?