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Download Corporate Tax Planning Notes, PDF I MCOM (2024)

  • Post last modified: 11 January 2023
  • Reading time: 12 mins read
  • Post category: Uncategorized

Download Corporate Tax Planning Tax Planning Notes, PDF, Books, Syllabus for MCOM (2024). We provide complete corporate tax planning pdf. Corporate Tax Planning study material includes corporate tax planning notes, book, courses, case study, syllabus, question paper, MCQ, questions and answers and available in corporate tax planning pdf form.

Corporate Tax Planning subject is included in MCOM so students are able to download corporate tax planning notes for MCOM 3rd year and corporate tax planning notes for MCOM 5th semester.

Table of Content

  • 1 Corporate Tax Planning Syllabus
  • 2 Corporate Tax Planning PDF
  • 3 Corporate Tax Planning Notes
  • 4 Corporate Tax Planning Questions and Answers
  • 5 Corporate Tax Planning Question Paper
  • 6 Corporate Tax Planning Books

Corporate Tax Planning Notes can be downloaded in corporate tax planning pdf from the below article.

Corporate Tax Planning Syllabus

A detailed corporate tax planning syllabus as prescribed by various Universities and colleges in India are as under. You can download the syllabus in corporate tax planning pdf form.

  • Basic framework of tax laws in India, Residential status of a Company and incidence of tax, Corporate Tax Planning: meaning, Tax Evasion and Tax Avoidance. Tax Planning & Tax Management.

2. Planning regarding Set off & Carry Forward of Losses and Computation of taxable income of companies, Minimum Alternate Tax, Tax on distributed profits of domestic companies, Tax on dividends and income received from venture capital companies.

3. Special provisions in respect of newly established undertakings in Free Trade Zones: General and specific conditions, consequence of amalgamation, demerger and sec 10A. Special provisions in respect of newly established undertakings in SEZ’s.: conditions, consequence of amalgamation, demerger and sec 10AA. Special provisions in respect of newly established undertakings in 100% EOU’s: specific conditions, consequence of amalgamation, demerger, sec 10 B.

4. Deductions available to undertakings developing infrastructure facility, SEZ, Industrial Park, power generation, Telecommunication, reconstruction of power unit. Deductions in respect of profits and gains of undertakings engaged in development of SEZ. Deductions in respect of certain undertakings in certain special category of states, North-Eastern States. Application of these special conditions.

5. Decision regarding form of organization. Tax Planning regarding form of organization with reference to sole proprietorship, Partnership & Company.

6. Financial Management Decisions: Capital Structure Decisions, regarding Dividend Policy: meaning of dividend and its distribution, DDT and regarding issue of Bonus Shares.

7. Managerial Decision: Buy or Lease, Make or Buy and Export or Local Sales, Tax Planning regarding employees remuneration, FBT Planning and Remuneration Planning.

8. Tax Planning in case of liquidation, Advance payment of Tax and Double Taxation Relief.

9. Restructuring business, Amalgamation: conditions, transfer of capital asset, Setoff and carry forward of losses and consequences, Demerger: Conditions, transfer of capital asset, capital gains, Set off and carry forward of losses, expenditure on demerger and consequences.

10. Conversion of sole proprietorship into company and firm into company, Slump Sale and Transfer of assets between holding and subsidiary company.

Corporate Tax Planning PDF

Corporate tax planning notes.

corporate tax planning multiple choice questions and answers pdf

Corporate Tax Planning Questions and Answers

If you have already studied the corporate tax planning and services notes, then it’s time to move ahead and go through previous year corporate tax planning question papers.

  • Discuss the historical background of Income tax. What is its importance?
  • What is net tax?
  • What are the components of Income Tax Law?
  • What do you understand by residential status of an individual? How is it related to incidence of an assessee?
  • Describe the division of taxable entities for the purpose of determining residential status.
  • Discuss, in detail, the provisions for determining the residential status of an assessee.
  • Describe how you would determine the residential status of an assessee.
  • Write a note on residential status of a company.
  • Defi ne incidence of tax as per section 5 of the Income Tax Act, 1961.
  • Differentiate between Indian and Foreign Income.
  • Explain the meaning of income received or deemed to be received in India.

Corporate Tax Planning Question Paper

If you have already studied the corporate tax planning and services notes, then it’s time to move ahead and go through previous year corporate tax planning question paper.

It will help you to understand the question paper pattern and type of corporate tax planning question and answer asked in MCOM 3rd year corporate tax planning exam. You can download the syllabus in corporate tax planning pdf form.

Corporate Tax Planning Books

Below is the list of corporate tax planning books recommended by the top university in India.

  • Ahuja, G. K. & Gupta, Ravi, Systematic Approach to Income Tax, Bharat Law House.
  • Aggarwal, K., Direct Tax Planning and Management, Atlantic Publications.
  • Lakhotia, R.N., Income Tax Planning Handbook, Vision Books.
  • Singhania, V. K. & Singhania, Kapil, Direct Taxes law & Practice. Taxmann Publications.
  • Srinivas E. A., Handbook of Corporate Tax Planning, Tata McGraw Hill.

In the above article, a student can download corporate tax planning notes for MCOM 3rd year and corporate tax planning notes for MCOM 6th semester. Corporate Tax Planning study material includes corporate tax planning notes, corporate tax planning books, corporate tax planning syllabus, corporate tax planning question paper, corporate tax planning case study, corporate tax planning questions and answers, corporate tax planning courses in corporate tax planning pdf form.

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  • Taxation MCQs Quiz Test Questions with Answers

Accounting | Auditing | Commerce | Economics | Finance | Law | Statistics | Taxation | PMT

Taxation MCQs Questions and Answers. Taxation Multiple Choice Questions (MCQs) Test with Answers.

Taxation MCQs

Q. A tax that takes a larger percentage from high-income earners than it does from low-income earners is called (A) proportional tax (B) progressive tax (C) regressive tax (D) suppressive tax

The answer is: (B) progressive tax

Q. Which from the following is NOT an indirect type of tax? (A) Income Tax (B) Sales Tax (C) Custom Tax (D) Federal Excise Duty

The answer is: (A) Income Tax

Q. Income tax is levied generally on the (A) net income (B) gross income (C) gross income − net income (D) any from the above

  • Which of the following is NOT a direct tax?
  • General Sales Tax (GST) is charged on
  • Which of the following is/are considered as “Good(s)”?
  • Selling Price is equal to
  • Which of the following is NOT an indirect type of tax?
  • Capital Value Tax is levied on transaction of
  • A tax that takes a larger percentage from high-income earners than it does from low-income earners is called
  • Income tax is levied generally on the

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  • Tax Planning and Management Objective Questions and Answer

Tax Planning and Management MCQ Quiz - Multiple Choice Questions & Answers

MCQ quiz on Tax Planning and Management multiple choice questions and answers on Tax Planning and Management MCQ questions quiz on Tax Planning and Management objectives questions with answer test pdf for interview preparations. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject.

Tax Planning and Management Quiz Question with Answer

1. ..............is a casual income

  • Interest received
  • Dividend income
  • Person received
  • Winning from lotteries

2. ..............is the implementation of the plan of tax

  • Tax evasion
  • Tax avoidance
  • Tax management
  • None of these

3. .............is exempted from income tax.

  • Interest from Indian company
  • Dividend from foreign company
  • Cooperative dividend
  • Dividend from Indian company

4. ..........refers to hedging of tax?

  • Tax planning

5. .........deals with PAN

  • Section 140
  • Section 140 (A)
  • Section 140 (B)
  • Section 140 (C)

6. 80 ID deals with tax holiday for

  • Natural gas
  • Eligible business

7. A company carry forward the eligible tax credit under MAT for a maximum of

  • Five assessment years
  • Eight assessment years
  • Ten assessment years
  • Twelve assessment years

8. A company in which the public are not substantially interested is closed

  • Open company
  • Closely held company
  • Limited company

9. A company in which the public is not substantially interested is known as

  • Domestic company
  • Foreign company
  • Widely held company

10. A company which is neither an Indian company not has made the prescribed arrangements for the declaration and payment of dividends within India is called

  • Domestic Company
  • Foreign Company
  • Public sector company
  • Provincial company
  • Next →
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Multiple Choice Questions and Answers on Tax Planning and Management

Tax planning and management multiple choice questions and answers, tax planning and management trivia quiz, tax planning and management question and answer pdf online.

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Income Tax & Corporate Tax Planning MCQs for UGC NET Commerce

In this topic, we will discuss some important Multichoice Questions (MCQs) of Income-tax and corporate tax planning for UGC NET Commerce. It is also useful for UGC NET Management, MBA, BBA, B.COM, M.COM, and CA, CPA, CS Students.

Income-tax and corporate tax planning MCQs for UGC NET Commerce

1. Tax is imposed irrespective of the exact amount of service rendered to the tax payer in return and not imposed as a for any legal offence.

2. Which types of taxes are levied directly on the entity meant to bear the burden?

a) Indirect tax

b) Direct tax

c) Custom tax

d) Export duty

3. Income tax is levied on the “income” of a/an .

a) total amount

d) living being

4. In order to recover the expenses/losses of the great revolt, the introduced the ‘Law of taxation on income.’

a) Swedish Government

b) American Government

c) Indian Government

d) British Government

5. is the capital which is turned over and in the process of being turned over, yields profit or loss.

a) Compensating capital

b) Revenue capital

c) Non-revenue capital

d) Circulating capital

6. Receipt to be of a need not necessarily be repetitive or recurring.

a) capital nature

b) non-revenue nature

c) revenue nature

d) expenditure nature

7. Must be one in which two or more persons join in a common purpose or common action.

b) An association of persons

d) Body of individuals

8. is a person by whom any tax or any other sum of money is payable under the Income Tax Act.

a) An assessee

An individual

An employee

9. The income of the previous year is taxed in at the rates prescribed by the relevant finance Act.

a) assessment year

b) previous year

c) action year

d) last year

10. What is the person known when no amount is payable by him under the Income Tax Act?

a) Individual

b) Assessee

c) Tax payer

d) Non taxpayer

11. In most countries with income taxation, corporate entities are subject to tax on their profits and, in addition, are taxed in the hands of shareholders.

a) surcharges

b) dividends

12. The base of the corporate income tax is commonly the accounting profits derived with reference to…….

a) historical costs

c) registers

d) databases

13. The company is not a citizen so as to claim granted to citizens.

c) fundamental rights

14. What is the tax levied on a company’s income-based?

a) Company name

b) Company profile

c) Industry type

d) Legal residence

15. Which of the following is true?

a) International companies have levied a tax on earnings from their Indian operations.

b) Indian companies have levied a tax on earnings from their Indian operations.

c) International companies gain profits on earnings from their Indian operations.

d) International companies have levied a tax on earnings from their foreign operations.

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  • Multiple Choice
  • Why It Matters
  • 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
  • 1.2 Identify Users of Accounting Information and How They Apply Information
  • 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
  • 1.4 Explain Why Accounting Is Important to Business Stakeholders
  • 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
  • 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
  • 2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
  • 2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
  • Exercise Set A
  • Exercise Set B
  • Problem Set A
  • Problem Set B
  • Thought Provokers
  • 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
  • 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
  • 3.3 Define and Describe the Initial Steps in the Accounting Cycle
  • 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
  • 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
  • 3.6 Prepare a Trial Balance
  • 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
  • 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
  • 4.3 Record and Post the Common Types of Adjusting Entries
  • 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
  • 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
  • 5.1 Describe and Prepare Closing Entries for a Business
  • 5.2 Prepare a Post-Closing Trial Balance
  • 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
  • 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
  • 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
  • 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
  • 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
  • 6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
  • 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
  • 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
  • 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
  • 7.1 Define and Describe the Components of an Accounting Information System
  • 7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
  • 7.3 Analyze and Journalize Transactions Using Special Journals
  • 7.4 Prepare a Subsidiary Ledger
  • 7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
  • 8.1 Analyze Fraud in the Accounting Workplace
  • 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
  • 8.3 Describe Internal Controls within an Organization
  • 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
  • 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
  • 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
  • 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
  • 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
  • 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
  • 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
  • 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
  • 9.5 Apply Revenue Recognition Principles to Long-Term Projects
  • 9.6 Explain How Notes Receivable and Accounts Receivable Differ
  • 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
  • 10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
  • 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
  • 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
  • 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
  • 10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
  • 11.1 Distinguish between Tangible and Intangible Assets
  • 11.2 Analyze and Classify Capitalized Costs versus Expenses
  • 11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
  • 11.4 Describe Accounting for Intangible Assets and Record Related Transactions
  • 11.5 Describe Some Special Issues in Accounting for Long-Term Assets
  • 12.1 Identify and Describe Current Liabilities
  • 12.2 Analyze, Journalize, and Report Current Liabilities
  • 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
  • 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
  • 12.5 Record Transactions Incurred in Preparing Payroll
  • 13.1 Explain the Pricing of Long-Term Liabilities
  • 13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
  • 13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
  • 13.4 Appendix: Special Topics Related to Long-Term Liabilities
  • 14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
  • 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
  • 14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
  • 14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
  • 14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
  • 15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
  • 15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
  • 15.3 Compute and Allocate Partners’ Share of Income and Loss
  • 15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
  • 15.5 Discuss and Record Entries for the Dissolution of a Partnership
  • 16.1 Explain the Purpose of the Statement of Cash Flows
  • 16.2 Differentiate between Operating, Investing, and Financing Activities
  • 16.3 Prepare the Statement of Cash Flows Using the Indirect Method
  • 16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
  • 16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
  • 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
  • A | Financial Statement Analysis
  • B | Time Value of Money
  • C | Suggested Resources

LO 1.1 Accounting is sometimes called the “language of _____.”

  • Wall Street
  • Main Street
  • financial statements

LO 1.2 Financial accounting information ________.

  • should be incomplete in order to confuse competitors
  • should be prepared differently by each company
  • provides investors guarantees about the future
  • summarizes what has already occurred

LO 1.2 External users of financial accounting information include all of the following except ________.

  • lenders such as bankers
  • governmental agencies such as the IRS
  • employees of a business
  • potential investors

LO 1.2 Which of the following groups would have access to managerial accounting information?

  • competitors of the business

LO 1.2 All of the following are examples of managerial accounting activities except ________.

  • preparing external financial statements in compliance with GAAP
  • deciding whether or not to use automation
  • making equipment repair or replacement decisions
  • measuring costs of production for each product produced

LO 1.3 Which of the following is not true?

  • Organizations share a common purpose or mission.
  • Organizations have inflows and outflows of resources.
  • Organizations add value to society.
  • Organizations need accounting information.

LO 1.3 The primary purpose of what type of business is to serve a particular need in the community?

  • not-for-profit
  • manufacturing

LO 1.3 Which of the following is not an example of a retailer?

  • electronics store
  • grocery store
  • car dealership
  • computer manufacturer
  • jewelry store

LO 1.3 A governmental agency can best be described by which of the following statements?

  • has a primary purpose of making a profit
  • has a primary purpose of using taxpayer funds to provide services
  • produces goods for sale to the public
  • has regular shareholder meetings

LO 1.3 Which of the following is likely not a type of not-for-profit entity?

  • public library
  • community foundation
  • local movie theater

LO 1.4 Which of the following is not considered a stakeholder of an organization?

  • community residents
  • a business in another industry

LO 1.4 Stockholders can best be defined as which of the following?

  • investors who lend money to a business for a short period of time
  • investors who lend money to a business for a long period of time
  • investors who purchase an ownership in the business
  • analysts who rate the financial performance of the business

LO 1.4 Which of the following sell stock on an organized stock exchange such as the New York Stock Exchange?

  • publicly traded companies
  • not-for-profit businesses
  • governmental agencies
  • privately held companies
  • government-sponsored entities

LO 1.4 All of the following are sustainable methods businesses can use to raise capital (funding) except for ________.

  • borrowing from lenders
  • selling ownership shares
  • profitable operations
  • tax refunds

LO 1.4 The accounting information of a privately held company is generally available to all of the following except for ________.

  • creditors and lenders
  • competitors

LO 1.5 Which of the following skills/attributes is not a primary skill for accountants to possess?

  • written communication
  • verbal communication
  • ability to work independently
  • analytical thinking
  • extensive computer programing background

LO 1.5 Which of the following is typically required for entry-level positions in the accounting profession?

  • bachelor’s degree
  • master’s degree
  • Certified Public Accountant (CPA)
  • Certified Management Accountant (CMA)
  • only a high school diploma

LO 1.5 Typical accounting tasks include all of the following tasks except ________.

  • recording and tracking costs
  • tax compliance and planning
  • purchasing direct materials

LO 1.5 What type of organization primarily offers tax compliance, auditing, and consulting services?

  • corporations
  • public accounting firms
  • governmental entities
  • universities

LO 1.5 Most states require 150 semester hours of college credit for which professional certification?

  • Certified Internal Auditor (CIA)
  • Certified Financial Planner (CFP)

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Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
  • Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
  • Publisher/website: OpenStax
  • Book title: Principles of Accounting, Volume 1: Financial Accounting
  • Publication date: Apr 11, 2019
  • Location: Houston, Texas
  • Book URL: https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
  • Section URL: https://openstax.org/books/principles-financial-accounting/pages/1-multiple-choice

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Income-tax and Community Tax Planning MCQ Quiz - Objective Question the Rejoin for Income-tax and Corporate Tax Planning - Download Free PDF

Last updating on May 10, 2023

News Income-tax and Corporate Tax Planning MCQ Objective Questions

Income-tax and companies tax planning question 1:.

Match List - I with Tabbed - E

Choose the correct reply from the options given below: 

  • A - I, B - II, CENTURY - III, D - PIV
  • A - III, B - LIV, C - II, D - I
  • A - III, B - L, HUNDRED - V, D - I
  • A - IV, BORON - II, C - II, D - I

Trigger (Detailed Solution Below)

corporate tax planning multiple choice questions and answers pdf

Income-tax plus Corporate Tax Planning Question 1 Detailed Solution

corporate tax planning multiple choice questions and answers pdf

Therefore, The correct match is A - III, B - II, C - IV, DEGREE - I

Income-tax real Corporate Tax Planning Question 2:

Calculate the Gross Annual Value from the following details:

Municipal value: Rs. 45,000

Fair Rental value: Rs. 50,000

Standards Rentals value: Rs. 48,000

Real Leasing value: Rc. 42,000 

Answer (Detailed Solution Below)

Income-tax and corporate tax planning question 2 detailed solution.

corporate tax planning multiple choice questions and answers pdf

  • The Gross Per Value of a property the the total at which the  real might adequate exist planned to be let from date to current .
  • It is more like a  notional rent  that single could have acquired in case estate had been let go.

Calculation Of Gross Annual Appreciate :

Income-tax and Corporate Tax Planning Question 3:

If an system are placing to employ for less than 180 days is the previous year, the reduction is charged during which rates of the subsequent like by Income tax Act?  Get Income-tax also Corporate Tax Planning Multiple Choice Questions (MCQ Quiz) with answers and detailed solutions. Download those Free Income-tax and Corporate Tax System MCQ Quiz Pdf press preview for autochthonous upcoming exams Like Bank, SSC, Railway, UPSC, State PSC.

Answer (Detailed Resolution Below)

Income-tax and corporate taxation raumordnung question 3 detailed result.

Which corrected return is 50%.

  • Devaluation is allowable as expense in Generated Taxation Act, 1961 on basis the block of assets on Written Down Value (WDV) manner.
  • Schedule on Straight Line Approach (SLM) lives not permitted.
  • Willingness furthermore Land is not eligible for impairment.

Disparagement In the year included that boon Is built.

  • Scheduled permitted no if the asset is used by the year in purchase.
  • When make whether an asset shall put to use or no, to diploma to utilisation is nay taken into account. Available instance, if the capital is used for a test run, it is consider to have being put to utilize.
  • Amount equivalent to 50% of the amount computed using standard disparaging rates is permitted as depreciation is into boon your in use for fewer than 180 per. i.e., are and asset is put into service on or before October 3rd (October 4th in a leap year), 100% scheduled shall allowed; otherwise, 50%.
  • Deprecation will be allowed on the basis of block of asset method.

Income-tax and Corporate Tax Planning Question 4:

Section 28 to 44 D to of Revenue Tax Act, 1961 is related to  

  • Income free House Property
  • Income since Salary
  • Income from Capital Gain
  • Profits and Gains from Business or Profession

Ask (Detailed Solution Below)

Income-tax plus business tax planning question 4 detailed solution.

To correct answer is  Profits and Gains from Business or Profession.

Profession:  As per unterteilung 2(36) of the Deed, “Profession” comprise vocation.

Sections 28 to 44DB transactions with computation of your under the head “Profits and wins of business or profession”. The sections may be categorized inside:

  • Chargeability – Section 28
  • Computation – Teilabschnitt 29
  • Specific deductions – Sections 30 to 36, untergliederung 38
  • General deduction not specifically covered – Section 37
  • Amount not reimbursement – Section 40
  • Expenses or payments not deductible in determined circumstances - Querschnitt 40A
  • Deductions only on actual make – Section 43B
  • Spezial cases of profits chargeable to duty – Section 41
  • Special provisions on computing income/cost of acquisition/ deduction – Chapters 42, 43A, 43AA, 43C, 43CA, 43CB, 43D, 44A, 44C, 44DB
  • Special allocation for computing income through way of management or fees for technical products connected with permanent establishment in case are non-resident – Section 44DA
  • Insurance business – Chapter 44
  • Presumptive taxation – Sections 44AD, 44ADA, 44AE, 44B, 44BB, 44BBA, 44BBB
  • Definition – Abschnitts 43
  • Preservation of account – Section 44AA
  • Audit of accounts – Fachbereich 44AB

corporate tax planning multiple choice questions and answers pdf

  • Income from Salaries: Strecke 15 to 17 of the Income Tax Act deals with the compute of income from salaries. Salary included wages, rental, gratuity, boarding, etc. received by einem employee from his employer.
  • Income from House Property: Section 22 to 27 of the Income Tax Act arrangements with to computation of earning coming lodge property. House eigentums includes any building, land or diverse construction that exists used for resident or commercial purposes.
  • Capital Gains: View 45 to 55 of the Income Burden Act deals with the computation of income from capital gains. Funds gains are the takings such arise from which sell of a capital asset such as shares, property, jewellery, others.
  • Income from Other Sources: Section 56 till 59 of the Income Tax Act dealings with that computation of income from other sources. Any income that does not fall under the above four top of income is ratable under this head. Examples include earning coming lottery, interest up bank depots, etc.

Income-tax and Corporate Tax Planning Question 5:

As for Support Bill 2023, the basic exemption limit under the new regime is?

Response (Detailed Solution Below)

Income-tax and corporate tax planning ask 5 detailed solution.

The correct answer is  ₹ 3,00,000

The earnings tax chunk rates go the newer income fax regime will nowadays be as follow:

  • The basic exemption restrictions go the old regime continues in be  ₹ 2,50,000 .
  • New inclusion:  A trigger rebate of Rs 25,000 is available under the fresh tax regime from FY 2023-24. These taxation rebate is applicable for everything individuals whose taxable earnings does not exceed Rs 7 lakh. This wish make effective tax outgo zero.

Top Income-tax and Corporate Tax Planning MCQ Unbiased Matter

Income-tax and corporate pay planning question 6.

Welche starting the following is an circuitous tax ?

  • Corporation tax
  • Capital Gains tax

Income-tax both Corporate Tax Planning Question 6 Detailed Solution

The correct answer your an  Excise tax .

  • Levy can be divided into two browse .
  • Excise Tax:  Excise taxes can be used go p rice into externality or discourage consumption of a product that obligatory costs on others.
  • They can also be employed as a user license to generate revenue from people whom using particular government services, revenue whatever should be used to maintain so government service.
  • With the time, tax duty is charged toward 12.36% but computers varies based on the kindes of products.
  • Goods and Service Tax, on and other hand, shall standard rates at 0%, 5%, 12%, 18%, and 28% depending the and kind away product.
  • GST has now subsumed a number away indirect taxes including taxation duty.
  • This means excise duty, technically, does nope exist in India except on an less items such for liquor and petroleum.
  • Initially belongs Direct Tax such as Income tax, wealth tax, and corporation tax.
  • The second are Indirect Tax such as Sales tax, Expense duty, real customs duty .
  • Devious tax means that tax that reaches the government indirectly .
  • Such tax is completely opposite for direct tax.
  • The tax charge at the state to consumption, image, export, production, etc. is an implied tax .
  • Excise Duty is a type in Indirect Tax which shall imposed on all industrial or manufacturing of items .
  •   The Appointments Social of the  Kabinettsmitglied  (ACC) has appointed Shri J B Mohapatra   as Chairman, Central Board of Direct Taxes (CBDT).

Income-tax and Corporate Tax Planning Question 7

Which from the following is a Progressive Strain?

  • Customs duty
  • Development Gain

Answer (Detailed Get Below)

Income-tax and corporate tax planning question 7 detailed solution.

The correct answer is the  Income-tax .

  • A progressive taxes will directly related to the taxpayer's talent to pay.
  • Anyone yearly, we hold to repay a firmly section of our salary to the central rule int who form of income tax.
  • Than per the set of the central control for Income tax, a certain tax is applicable set the income of all men as per slab.
  • Every enterprise and person your supposed to pay the tax the the return is to be submitted ever current.
  • Total funds collected through tax are used by the government for services as well as to fulfill which requirements for the country's development. 
  • The  Central Board of Direct Taxes  is a statutory authorization operation under the  Central House about Revenue Work, 1963 .
  • The officials of the Board in their ex-officio capacity also function as a  Division of the Ministry  dealing with matters relating to levy and collection of gleich taxes. 

Income-tax and Corporate Tax Planning Asked 8

_____ can a progressive tax.

  • Custom duty
  • Sales trigger
  • Income trigger
  • Development Surcharge

Income-tax and Corporate Tax Planning Question 8 Detailed Solution

The correctly answer is the  Income-tax .

  • A progressive tax is directly related  to the taxpayer's ability to pay.
  • Every year, ourselves have go pay a fixed portion von our income to the central government in which form of income tax.
  • As each the rule of the central government for  Income tax, adenine certain control is applicable  on the income of all my such per slab.
  • Every business and person is supposed to pay the tax or the return is to be  filed every yearly.
  • Overall money collected throws taxation are used in the  government for services as well-being while to fulfill one demands for the country's development. 
  • The  Primary Board are Direct Taxes  is adenine legislation authority functioning lower the  Central Board of Revenue Act, 1963 .
  • The officials regarding the Board are own ex-officio capacity also function as a  Division of the Ministry  dealing with problems relating to levy and collection of direct taxes. 

Income-tax and Corporate Tax Planning Question 9

Which of the following statement is correctly?

I . Securities transaction tax is a type of direct tax.

II. Value-added tax is a types of indirect strain.

  • Both I and II
  • Neither MYSELF nor II

Income-tax and Corporate Fiscal Planning Question 9 Detailed Solution

The correct answered is  Both I and IV.

  • It includes taxes that cannot been transferred to another persons, for example, income trigger has payers directly by an individual to the general.
  • Ex: Generate Strain, Corporate Tax, Fortune Tax, Estate Tax, Gift Tax, Frayed Benefits Tax, Securities transaction tax.
  • It is another type of pay that can breathe shifted to another person.
  • Excise Duty, Sales Tax, Customs Duty, Entertainment Tax, Service Tax, Value added tax.

Income-tax and Corporate Tax Planning Question 10

Identify the indirect taxation from the given options.

  • GST, corporate tax
  • Custom duty, corporate duty
  • Income tax, GST
  • GST, usage duty

Income-tax furthermore Corporate Tax Planning Question 10 Detailed Solution

The correct answer shall 'GST, custom duty'

From the above table, we pot see that only option 4 is corr .

  • ​ Indirect tax is an indirect tax serene of a single entity in the supply chain (usually a producer or retailer) and paid to the government but passes on to consumers as piece of the purchase price of to goods or services.
  • Ultimately, it is the consumer who pays the tax by way of overpaying for the product.
  • ​ Direct tax is a tax this a person or organization paids direkt to the entity that has raised it.
  • A particular taxpayer gets direct levy to the government for various purposes.
  • Present are and types of indirect tax such as sales tax , where the taxi is levied on the seller but is paid by one buyer.

corporate tax planning multiple choice questions and answers pdf

  • Deceive to store Direct Taxes:

Wepro.co.in

  • We   - Wealths Tax
  • pro  - Property Tax
  • co - Business Tax
  • in  - Income Tax
  • Trick to remembered Indirect Taxes
  • EX  - Excise Task
  • CU -  Custom Duty
  • SE -  Service Tax
  • M -  Market Tax/ VAT
  • E -  Entertainment Tax

Income-tax both Corporate Tax Service Question 11

When per the Budget 2019-20, which from the following will the single largest source of income of the Government of India, contributing 21 paise to jeder rupee earned?

  • Service tax
  • Non-tax revenue

Income-tax both Corporate Irs Planning Question 11 Detailed Solution

The correct answer is  Stock tax.

  • Corporate tax your this single greatest source of income to the government of India.
  • According to the Economical with 2019-20 presented int Parliament by Financial Ministerial Nirmala Sitharaman, Goods and Services Control collections wishes contribute 19 paise in every rupee revenue.
  • Corporation levy is the single largest source of income, contributor 21 paise to each rupee earned.
  • Corporate tax rates vary widely by country, leading some partnerships until shield earnings within offshore subsidiaries or into redomicile within countries with lower levy rates.
  • Customs duty refers to the tax imposed on goods whereas they are transported across international borders. 
  • It is the tax that is collected on the import the export concerning goods. 
  • The government uses this mission to up inherent revenues, safeguard domestic industries, and regulate who movement of goods.
  • Service tax shall a tax levied by the government upon serve retailers on certain services.
  • Non-tax revenue is the recurring income deserves by the government from informationsquelle other than taxes.

Income-tax and Corporate Control Planning Question 12

Which for the following are not an example for Direct Tax?

  • Corporate strain

Income-tax and Corporate Tax Planning Question 12 Comprehensive Solution

  • It is an value-added tax which is an single tax on the supply of goods press services free the manufacturer to the consumer.
  • It is to important indirect strain regime implemented in Indians from 1st July 2017.
  • It is governing by the Goods or Services Ta Council. The Finance Minister on India is its chairman.
  • It is an value-added tax which is a single tax on the supply of product and services from the producer to to consumer.​
  • It is a tax that be paying instantly by an separate or organization to the body which has imposed it.
  • Income Tax, Tax on Corporates, Wealth Duty, Tax on Inheritance (Estate), Earned Tax, Corporate Income Fax, Tax the Capitals Gains, etc.

Income-tax and Corporate Tax Planning Question 13

Which is the following is an demo of straightforward tax?

  • Duty taxing

Answers (Detailed Solution Below)

Income-tax and corporate tax planning question 13 detail solution.

The correct answer is  Income strain .

  • The tax that is directly paid to one Government, is directly enforced on the taxpayer and the compensation of tax cannot be passed on to other taxpayers.  
  • Einige of the examples is Unmittel taxes are  Income-tax, Corporate tax, Minimum Alternate Tax, Dividend Distribution Taxi, Treasury Transaction Tax, Capital gains Tax .etc.
  • Indirect Tax is an tax imposed to an individual or entity which is passed set to other individuals.
  • The is imposed for products or services which are used by who customer.
  • Common examples of indirect fiskale are  Goods furthermore services steuern, excise duties, share tax, etc.
  • The GST can an indirect tax that replaced many indirect taxes such as taxes mission, Value added tax, and service property inches India.
  • And Goods and Services Act was done in parliament on 29 t  March 2017 and came into effect from  1 st  July 2017.

Income-tax and Corporate Tax System Question 14

That one of the following is not a irs saving investment?

  • Home loan principal repayment
  • Public Provident Fund (PPF)
  • Life insurance premiums
  •   Fixed Deposits  

Income-tax and Corporate Taxi Planning Question 14 Detailed Resolution

This Correct Answer is   Fixed Deposit (FD).

  • Interest income from Solid Bank is fully taxable.
  • This Tax lives Deducted at print by one bank at the arbeitszeit they credit the interest to an account, and not wenn which FD matures.
  • Suppose a person has an FD for 3 year – banking to deduct TDS at the out of each year.  

Publicity Farsighted Fund (PPF)

  • The Public Provident Fund is a savings-cum-tax-saving instrument to India, introduced by aforementioned National Savings Center of the Ministry of Finance in 1968.
  • A minimum yearly deposit of Rs. 500 is required to open and maintain a PPF account.
  • It is adenine savings-cum-tax-saving instrument in India.
  • The maximum amount that can be deposited in an financial year is Rs.1.5 lakh.
  •  It is a 15-year scheme, which can is extended indefinitely for block of 5 years.   

Insurance Premium:

  • An insurance special shall the sum on financial into private or business pays for an insurance police. Policy premiums are paid for policies such cover healthcare, automated, home, and life insurance.
  • The life insurance premium shall exist classified because unearned revenue because against this amount still the company has to render service.  
  • Actually, the insurance enterprise will treat each year pro-rata amount of premium received how income.  

Income-tax plus Corporate Tax Planning Go 15

What is the rate of tax for income tax slab between the earnings of  Rs. 2.5 Crore in Rs. 5 Lakh for Assessment Yearly 2018-19?

Answer (Detailed Choose Below)

Income-tax and corporate tax planning question 15 detailed solution.

The Correct Answer your 5%

  • Income Tax Slab:  Individual people in India pay your tax according to one slab system . Different tax rates are prescribed for different ranges of income under one slab system. It means that if adenine taxpayer's sales rises, her oder her tax rate rises since well . This sort of how help the government to have liberal and equitable tax systems.
  • The fare for Tax slabs were subject to change during any budget

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Home » Tax Planning & Management Objective Questions » 300+ TOP Tax Planning & Management MCQs and Answers Quiz

300+ TOP Tax Planning & Management MCQs and Answers Quiz

Tax planning & management multiple choice questions.

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

a. Tax evasion

b. Tax planning

c. Tax avoidance

d. Tax management

Answer: b. Tax planning

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

Answer: c. Tax avoidance

3. —— is the device which satisfies the requirements of the law but not in accordance with the intentions of the law

4. Concealment of income or false claims to reduce tax liability are cases of ——

Answer: a. Tax evasion

5. Compliance of the legal requirements in connection with the tax is the essence of —–

Answer: d. Tax management

6. Tax avoidance is —-

d. All of these

Answer: b. Immoral

7. Availing tax holiday by a new industrial undertakings in backward areas is a case of

8. Compliance with legal formalities and availing tax incentives are cases of

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

10. The total income of a domestic company is taxable at the rate of ——-

Answer: b. 30%

11. The total income of a non domestic company is taxable at the rate of—-

Answer: c. 40%

12. Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March, 2019 will not be admissible as deduction while computing its business income

a. Contribution to a political party in cash

b. Interest on loan taken for payment of income-tax

c. Capital exnditure on advertisement

d. All of the above

Answer: d. All of the above

13. Any corporation by or under any Central, State or Provincial Act or a Government Company as defined in the Companies Act is called —–

a. Public Sector Company

b. Joint company

c. Private Sector company

d. Provincial Company

Answer: a. Public Sector Company

14. Any company which has made the prescribed arrangements for the declaration and payment of dividends within India is called ——

a. Domestic Company

b. Non domestic company

c. Public sector company

d. Provincial company

Answer: a. Domestic Company

15. A company which is neither an Indian company not has made the prescribed arrangements for the declaration and payment of dividends within India is called —–

b. Foreign Company

Answer: b. Foreign Company

16. A company in which the public are not substantially interested is closed——

a. Open company

b. Closely held company

c. Limited company

d. None of these

Answer: b. Closely held company

17. A person carrying not less than—– of the voting power in a company is said to have substantial interest in the company.

Answer: b. 20%

18. Section 115JB relates to —-

a. Securities Transaction Tax

b. Maximum Alternative Tax

c. Minimum Alternative Tax

d. Surcharge

Answer: c. Minimum Alternative Tax

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

a. Purchase price of the machinery

b. Written down value of the machinery

c. Market price of the machinery

Answer: b. Written down value of the machinery

20. If the tax liability of a company is less than 18.5% of its book profits, the company is liable to pay MAT at the rate of ——

a. 15% of books profits plus Surcharge) if any) plus 4% HEC

b. 16% of books profits plus Surcharge)if any) plus 4% HEC

c. 16.5% of books profits plus Surcharge)if any) plus 4% HEC

d. 18.5% of books profits plus Surcharge(if any) plus 4% HEC

Answer: d. 18.5% of books profits plus Surcharge(if any) plus 4% HEC

21. A company carry forward the eligible tax credit under MAT for a maximum of —–

a. Five assessment years

b. Eight assessment years

c. Ten assessment years

d. Twelve assessment years

Answer: c. Ten assessment years

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

a. 17.674% + 12% surcharge + 4% HEC

b. 18. % + 12% surcharge + 4% HEC

c. 19.67% + 12% surcharge + 4% HEC

d. 20% + 12% surcharge + 4% HEC

Answer: a. 17.674% + 12% surcharge + 4% HEC

23. Income distributed by a money market mutual fund or liquid fund is taxable @——

a. 15% + Surcharge 10% + 4%HEC

b. 20% + Surcharge 10% + 4%HEC

c. 25% + Surcharge 10% + 4%HEC

d. 30% + Surcharge 10% + 4%HEC

Answer: c. 25% + Surcharge 10% + 4%HEC

24. Income distributed by a fund other than a money market mutual fund or a liquid fund to an individual or HUF is subject to CDT at the rate of

a. 12.5% + Surcharge 10% + 4 % HEC

b. 15% + Surcharge 10% + 4 % HEC

c. 20% + Surcharge 10% + 4 % HEC

d. 25% + Surcharge 10% + 4 % HEC

Answer: a. 12.5% + Surcharge 10% + 4 % HEC

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

a. Rent Received

b. Gross Annual Value

c. Annual Value

d. Municipal Value

Answer: c. Annual Value

26. Tonnage tax system is exclusively intended to ——

a. Joint stock Companies

b. partnership firms

c. Sipping companies

d. IT Companies

Answer: c. Sipping companies

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

Answer: b. 80 C

28. MAT Provisions are applicable to—-

a. Non domestic companies

b. Indian companies

c. Private companies

d. Every Company

Answer: d. Every Company

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

a. Mutual Benefit Finance Company

b. Private Limited Company

c. Limited Company

Answer: b. Private Limited Company

30. Substantial interest in the company means not less than—- of voting power

31. Section 115JB relates to

a. Tonnage Tax

b. Corporate Dividend Tax

Answer: c. MAT

32. The Income Tax Act came into force from _______________

a. 1st March 1971

b. 1st April 1971

c. 1st March 1961

d. 1st April 1962

Answer: d. 1st April 1962

33. An assessee paid insurance premium against risk of damage or destruction of stocks or stores used for the purposes of his business or profession. Such expenditure shall be considered as

a. Revenue expenditure

b. Capital expenditure

c. Deferred revenue expenditure

d. Illegal expenditure

Answer: a. Revenue expenditure

34. _______________ is the casual income.

a. Interest received

b. Dividend income

c. Pension received

d. Winning from lotteries

Answer: d. Winning from lotteries

35. Pension is _______________ under the salary head.

a. Fully taxable

b. Partially taxable

c. Not taxable

d. None of the above

Answer: a. Fully taxable

36. salary of Member of Parliament is taxable under the head _______________

b. Income from Other Sources

c. Income from Business

Answer: b. Income from Other Sources

37. The salary, remuneration or compensation received by the partners is taxable under the head —–

a. Income from Other Sources

b. Income from Business

Answer: b. Income from Business

38. In accordance with the provisions of Section 17(1) of Income Tax Act, 1961, the term salary includes _______________

a. Any annuity or pension

b. Any gratuity

c. Any fees, commission, perquisite or profits in lieu of or in addition to any salary orwages

39. Under the Income-tax Act, 1961, ‘notional profit’ from speculative business is –

a. Taxable under the head ‘income from profits and gains of business and profession

b. Taxable under the head ‘income from other ‘ sources’

c. Taxable either as income from other sources or as income from profits and gains of business and profession

d. Not taxable.

Answer: b. Taxable under the head ‘income from other ‘ sources’

40. 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.

d. Unlimited period

Answer: a. 6 years

41. Alternate Minimum Tax shall not be applicable to a non-corporate assessee who has claimed any deduction under:

a. Sections 80-IA to 80RRB

b. section 80P

c. Section 10AA

d. Section 35AD

Answer: b. section 80P

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

a. Profits and gains of business or profession

b. Income from other sources

c. Capital gains

Answer: a. Profits and gains of business or profession

43. 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

44. Income tax rates are fixed in……………..

a. Income tax Act

b. Finance Act

c. Income tax rules

d. Finance rules

Answer: b. Finance Act

45. Section 2(9) of Income tax deals with…………..

b. Assessee

c. Previous Year

d. Assessment Year

Answer: d. Assessment Year

46. CBDT stands for …………………………..

a. Central Bureau of Direct Taxes

b. Central Board of Direct Taxes

c. Citizen’s Board of Direct Taxes

d. Citizen’s Bureau of Direct Taxes

Answer: b. Central Board of Direct Taxes

47. Dividend from an Indian Company is …………………

a. Fully Taxable

b. Partly Taxable

c. Fully Exempted

Answer: c. Fully Exempted

48. Previous year means the financial year immediately preceding the……………………

a. Accounting Year

b. Assessment Year

c. All of the above

Answer: b. Assessment Year

49. ………… is exempted from income tax.

a. Interest from Indian company

b. Dividend from foreign company

c. Cooperative dividend

d. Dividend from Indian company

Answer: d. Dividend from Indian company

50. Profits earned from an illegal business are……………

a. Taxable.

b. Tax free.

c. Ignored by Tax Authorities.

d. treated as other income.

Answer: a. Taxable.

51. Subletting is assessable under the head …………………

a. Income from HP

b. Income from Other Source

c. Income from Capital Gain

Answer: b. Income from Other Source

52. Preliminary expenses incurred are allowed deduction in:

a. 10 equal annual instalments

b. 5 equal annual instalments

Answer: b. 5 equal annual instalments

53. Educational cess is levied in case of ………..

a. Individual

d. All assesses

Answer: d. All assesses

54. As per section 2(31), the following is not included in the definition of ‘person’

a. An individual

b. A Hindu undivided family

c. A company

Answer: d. A minor

55. Amendments by the finance act are made applicable from

a. First day of next financial year

b. First day of same financial year

c. Last day of same Accounting year

Answer: a. First day of next financial year

56. Assessee is having stock existing in the business. Valuation of stock will be at:

a. Cost price

b. Market price

c. Cost or market price, whichever is less

d. Cost or market price, whichever is more

Answer: c. Cost or market price, whichever is less

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

a. Section 15

b. Section 24

c. Section 28

d. Section 17

Answer: c. Section 28

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

a. Wealth-tax

b. Income-tax

c. Sales tax

Answer: c. Sales tax

59. As per section 30, which expenditure incurred for a building used for the business or profession shall not be allowed as deduction?

a. Rent, rates and taxes

b. Insurance of building

c. Repairs of building

d. Capital expenditure

Answer: d. Capital expenditure

60. .Group of assets falling within a class of assets comprising of tangible & intangible assets is known as :

a. Group of assets

b. Block of assets

c. Set of assets

d. Cluster of assets

Answer: b. Block of assets

61. A short term capital asset means a capital asset held by the assesse for not more than

a. 12 Months immediately preceding the month of its transfer

b. 24 Months immediately preceding the month of its transfer

c. 36 Months immediately preceding the month of its transfer

Answer: c. 36 Months immediately preceding the month of its transfer

62. ——– are treated as agricultural income

a. Income from poultry farm

b. Income from bee heaving

c. Purchase of standing crops

Answer: d. All of these

63. Long term capital loss can be set off against —–

a. Long term capital loss

b. Short term capital loss

c. Long term capital gain

Answer: c. Long term capital gain

64. Clubbing of income means

a. Adding income of two persons

b. Inclusion of income of other person in assessee’sincome

c. Total income of various heads

d. Collection of income

Answer: b. Inclusion of income of other person in assessee’sincome

65. Income from horse race falls under the head

b. Other sources

c. Profession

d. Business

Answer: b. Other sources

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

a. Family pension

b. Sum received under Keyman Insurance Policy

c. Rent received on letting of business

d. Salary to a member of parliament

Answer: c. Rent received on letting of business

67. PAN stands for

a. Private bank Number

b. Permanent Account Number

c. Personal Account Number

d. Passive Account Number

Answer: b. Permanent Account Number

68. Donation is deductible under section

Answer: d. 80 G

69. Return filed after the due date is called

a. Revised return

b. Best return

c. Belated return

d. Defective return

Answer: c. Belated return

70. Tax deduction available to certain industries for the initial few years is called—–

a. Tax Holiday

Answer: a. Tax Holiday

71. An assessee was engaged in the business of cattle rearing. He incurred a loss in respect of animals which were used for the purposes of his business (otherwise than as stock-in trade) and which have died. Such expenditure shall be considered as

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

a. Any income

b. Not any income

c. Non speculative business

d. Speculative business only

Answer: d. Speculative business only

73. Minor’s income is clubbed to —–

a. Father’s income

b. Mother’s income

c. Father’s income or mother’s income whichever is grater

d. Both mother’s and father’s income

Answer: c. Father’s income or mother’s income whichever is grater

74. —— deals with PAN

a. Section 140

b. Section 140 (A)

c. Section 140 (B)

d. Section 140 (C)

Answer: b. Section 140 (A)

75. —— is a casual income

c. Person received

76. An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head “Profits and gains of business or profession”. Such expenditure of payment of Commodities transaction tax shall be considered as

c. Speculative transaction expenditure

77. ——— is the implementation of the plan of tax

b. Tax avoidance

c. Tax management

Answer: c. Tax management

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

a. Minimize litigation

b. Productive investment

c. Compliance with legal formalities

d. Healthy growth of economy

Answer: c. Compliance with legal formalities

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

a. Tax planning

b. Tax evasion

d. Tax avoidance

Answer: b. Tax evasion

80. —— refers to hedging of tax?

Answer: d. Tax avoidance

81. Company is defined under

a. Section 2 (17)of the Income Tax Act

b. Section 2 (32)of the Income Tax Act

c. Section 2 (14)of the Income Tax Act

d. Section 2 (12)of the Income Tax Act

Answer: a. Section 2 (17)of the Income Tax Act

82. Whichof the following deals with Domestic Company?

a. Sec 2 (234)

b. Sec 2 (224)

c. Sec 2 (22)

d. Sec 2 (26)

Answer: b. Sec 2 (224)

83. Section 2 (234) relates to

a. Indian company

b. Domestic company

c. Foreign company

d. Widely held company

Answer: c. Foreign company

84. A company in which the public is not substantially interested is known as

a. Domestic company

b. Foreign company

c. Widely held company

d. Closely held company

Answer: c. Widely held company

85. Section 80 JJAA deals with

a. Deduction in respect of produced companies

b. Production in respect of certain incomes

c. Deduction in respect of employment of new employee

d. Deduction in respect of profits and gains from undertakings an enterprise in special category states

Answer: c. Deduction in respect of employment of new employee

86. Expenditure incurred by an hotelier on replacement of linen and carpets in his hotel. Such expenditure shall be considered as

b. Deferred revenue expenditure

c. Capital expenditure

87. The maximum deduction available under section 80 C is

b. Rs100000

c. Rs150000

d. Rs200000

Answer: c. Rs150000

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

a. Resident Individual tax payers

b. Hindu Undivided Families

c. Partnership firms except Limited Liability Partnership Firms

89. Deemed dividend is defined in

a. Section 2 (22)(a)

b. Section 2 (21)(a)

c. Section 2 (23)(a)

d. Section 2 (22)(c)

Answer: a. Section 2 (22)(a)

90. 80 ID deals with tax holiday for

a. Hospitals

c. Natural gas

d. Eligible business

Answer: b. Hotels

91. An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as

b. Deferred revenue

d. Expressly disallowed

Answer: d. Expressly disallowed

92. Flat rate of corporate tax for a domestic company with annual turnover up to Rs250 crore is

Answer: b. 25%

93. Flat rate of corporate tax for a domestic company with annual turnover more than Rs250 crore is

Answer: c. 30%

94. Flat rate of corporate tax for a foreign company is

Answer: d. 40%%

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

a. Jewellery

b. Rural Agricultural land

c. Archaeological Collections

d. Paintings

Answer: b. Rural Agricultural land

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

a. Installation expenditure of plant of a company.

b. Legal expenses for reduction of capital.

c. Commission to employees to achieve sales Targets.

d. Expenses of promoting a company.

Answer: c. Commission to employees to achieve sales Targets.

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

a. Help to poor

b. National DefenceFund

c. Rajive Gandhi Foundation

d. Any notified temple

Answer: b. National DefenceFund

98. Indexation is applicable to…………………..

a. Sale of short term capital assets.

b. Sale of long term debentures.

c. Sale of depreciable capital assets.

d. Sale of long term capital assets which are not depreciable assets

Answer: d. Sale of long term capital assets which are not depreciable assets

99. XYZ & Co. incurred a liability by giving discount on issue of debentures. Such expenditure shall be considered as

Answer: b. Deferred revenue expenditure

100. The objectives of tax planning is to minimise ………?

a. tax liability

b. finance liability

c. tax return

d. none of these

Answer: a. tax liability

101. Tax management deals with :

a. filing of return in time

b. getting the accounts audited

c. deducting tax at source

d. all of the above

Answer: d. all of the above

102. income tax act came into force on …………

a. 01.04.1961

b. 01.04.1962

c. 01.04.1956

d. 01.04.1965

Answer: b. 01.04.1962

103. Residential status is determined for ………………..

a. previous year

b. assessment year

c. accounting year

d. financial year

Answer: a. previous year

104. How many heads of income are there to compute gross total income?

Answer: b. five

105. Deduction of tax at source made for incomes which can be calculated in advance is called ……………..?

Answer: a. TDS

106. Donation is deductible under section

Answer: d. 80G

107. Education cess on tax payable is at..

Answer: a. 2%

108. The income tax rate on long term capital gains for an individual is …………..

Answer: c. 20%

109. When a receipt is determined as capital receipt or revenue receipt .

a. at the time of it is received

b. while preparing final account

c. when the received amount is used

Answer: a. at the time of it is received

110. STT stands for

a. securities transaction tax

b. secure transaction tax

c. securities transmission tax

Answer: a. securities transaction tax

111. Who is tax payer?

a. business man

c. assessee

d. govt employee

Answer: c. assessee

112. Reciept of amount on maturity of LIC policy is ……………. .

a. a revenue receipt

b. capital receipt

c. a casual receipt

d. fixed receipt

Answer: b. capital receipt

113. Income by way of rent of agricultural land is ……………. .

a. business income

b. income from other sources

c. agricultural income

d. casual income

Answer: c. agricultural income

114. The highest administrative authority for income tax in India ………….?

a. finance minister

b. president of India

d. director of IT

Answer: c. CBDT

115. Tonnage tax is based on …………………… .

a. net tonnage

b. gross tonnage

c. actual tonnage

d. weighted average

Answer: a. net tonnage

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