Tax Planning and Management MCQs Quiz Multiple Choice Questions & Answers Page 2

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Tax Planning and Management Questions with Answers

51. PAN stands for

52. Pension is................under the salary head.

53. Preliminary expenses incurred are allowed deduction in:

54. Previous year means the financial year immediately preceding the

55. Profits earned from an illegal business are

56. Reducing tax liability, utilizing the deductions, exemptions or reliefs allowed in the Act and Rules is called

57. Return filed after the due date is called

58. Return of income must be furnished on or beforethe due date as per a part of

59. salary of Member of Parliament is taxable under the head

60. Section 115JB relates to

61. Section 115JB relates to

62. Section 2 (234) relates to

63. Section 2(9) of Income tax deals with

64. Section 80 JJAA deals with

65. Subletting is assessable under the head

66. Substantial interest in the company means not less than.........of voting power

67. Tax avoidance is

68. Tax deduction available to certain industries for the initial few years is called

69. The books of accounts are to be kept and maintained for a period of how many years from the end of the relevant assessment year.

70. The employer made a contribution of Rs 25,000 to recognized provident fund for the previous year 2018-19. Such payment was made on 12th March, 2019. Such expenditure shall be considered as

71. The inclusion of income of other person in the income of assesseeis called

72. The Income Tax Act came into force from

73. The loss from speculation business can be set off against

74. The maximum deduction available under section 80 C is

75. The method by which a person illegally reduces his tax burden by either deflating their income or inflating their expenses is known as

76. The Presumptive Taxation Scheme of Section 44 AD can be adopted by

77. The rate of corporate dividend tax during the year 2018-19 is

78. The salary, remuneration or compensation received by the partners is taxable under the head

79. The total income of a domestic company is taxable at the rate of

80. The total income of a non domestic company is taxable at the rate of

81. Tonnage tax system is exclusively intended to

82. Under the head Income from House Property the basis of charge is

83. Under the Income Tax Act, 1961, depreciation on machinery is charged on

84. Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head

85. Under the Income-tax Act, 1961, notional profit from speculative business is

86. Using the loopholes of law to reduce tax is known as

87. What are treated as agricultural income

88. Which among the following is not a widely held company

89. Which among the following is not available to companies?

90. Which is the charging section of income under the head profits and gains of business or profession?

91. Which of the following donations is eligible for 100 % deduction?

92. Which of the following is an objective of tax management?

93. Which of the following is not a capital expense?

94. Which of the following is not taxable under the head income from other sources?

95. Which of the following shall not be regarded as capital asset?

96. Which of the following taxes are allowed as deduction while computing the business income?

97. Which one of the following is is the casual income

98. Whichof the following deals with Domestic Company?


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