Tax Planning and Management Objective Question and Answer
Tax Planning and Management MCQ Multiple Choice Questions - Page 3 for Practice
Tax Planning and Management MCQ Questions for Practice
61. Section 115JB relates to
Correct Answer is: GST
62. Section 2 (234) relates to
Correct Answer is: Widely held company
63. Section 2(9) of Income tax deals with
Correct Answer is: Previous Year
64. Section 80 JJAA deals with
Correct Answer is: Deduction in respect of profits and gains from undertakings an enterprise in special category states
65. Subletting is assessable under the head
Correct Answer is: None of the above
66. Substantial interest in the company means not less than.........of voting power
Correct Answer is: 40%
67. Tax avoidance is
Correct Answer is: All of these
68. Tax deduction available to certain industries for the initial few years is called
Correct Answer is: Advance
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.
Correct Answer is: Unlimited period
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
Correct Answer is: None of the above
71. The inclusion of income of other person in the income of assesseeis called
Correct Answer is: Set off
72. The Income Tax Act came into force from
Correct Answer is: 1st March 1961
73. The loss from speculation business can be set off against
Correct Answer is: Non speculative business
74. The maximum deduction available under section 80 C is
Correct Answer is: Rs200000
75. The method by which a person illegally reduces his tax burden by either deflating their income or inflating their expenses is known as
Correct Answer is: Tax avoidance
76. The Presumptive Taxation Scheme of Section 44 AD can be adopted by
Correct Answer is: Partnership firms except Limited Liability Partnership Firms
77. The rate of corporate dividend tax during the year 2018-19 is
Correct Answer is: 20% + 12% surcharge + 4% HEC
78. The salary, remuneration or compensation received by the partners is taxable under the head
Correct Answer is: None of the above
79. The total income of a domestic company is taxable at the rate of
Correct Answer is: 35%
80. The total income of a non domestic company is taxable at the rate of
Correct Answer is: 35%
81. Tonnage tax system is exclusively intended to
Correct Answer is: IT Companies
82. Under the head Income from House Property the basis of charge is
Correct Answer is: Municipal Value
83. Under the Income Tax Act, 1961, depreciation on machinery is charged on
Correct Answer is: All of the above
84. Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head
Correct Answer is: None of the above
85. Under the Income-tax Act, 1961, notional profit from speculative business is
Correct Answer is: Not taxable.
86. Using the loopholes of law to reduce tax is known as
Correct Answer is: Tax management
87. What are treated as agricultural income
Correct Answer is: Purchase of standing crops
88. Which among the following is not a widely held company
Correct Answer is: None of these
89. Which among the following is not available to companies?
Correct Answer is: None of these
90. Which is the charging section of income under the head profits and gains of business or profession?
