261.
What is the corporate tax rate for an Indian company with a turnover of up to Rs. 400 crore for FY 2023-24?
A
25%
B
22%
C
18%
D
30%
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What is the corporate tax rate for an Indian company with a turnover of up to Rs. 400 crore for FY 2023-24?
25%
22%
18%
30%
Corporate Tax is calculated based on the:
Turnover of the company
Profit earned by the company
Value of shares
Total assets of the company
Under the GST regime, which of the following is exempt from tax?
Education services
Hotel accommodation above Rs. 5,000
Taxable services provided by banks
Restaurant services
Which of the following is true about "Minimum Alternate Tax" (MAT)?
It is applicable only to foreign companies
It applies when a company pays no tax due to exemptions
It applies to all companies without exception
It is a form of indirect tax
The concept of "Double Taxation" refers to:
Paying tax twice on the same income in different countries
Paying tax on goods and services
Paying tax for both direct and indirect taxes
Paying tax twice within the same year
What is the term for income that is excluded from taxable income under the Income Tax Act, 1961?
Gross income
Exempt income
Net income
Taxable income
Which of the following is an example of tax avoidance?
Underreporting income to reduce tax
Taking advantage of tax loopholes
Not paying taxes at all
Tax evasion
What is the tax rate for a domestic company with an annual turnover of up to Rs. 400 crores under the Income Tax Act, 1961?
15%
22%
30%
25%
Under GST, what is the threshold limit for mandatory registration for service providers?
Rs. 20 lakh
Rs. 40 lakh
Rs. 10 lakh
Rs. 50 lakh
A company with an annual turnover of Rs. 250 crore is subject to which corporate tax rate under the Income Tax Act?
22%
30%
25%
35%
What is the concept of "Capital Gains Tax"?
Tax levied on income from property rental
Tax levied on gains from the sale of capital assets
Tax on the interest earned on loans
Tax on income from business operations
Which of the following tax benefits is available to small and medium-sized enterprises (SMEs) in India?
Income tax holiday for 3 years
GST exemption
Reduced corporate tax rates
No tax on capital gains
What does the term "Transfer Pricing" refer to in corporate taxation?
Pricing of goods and services between related entities in different countries
Pricing of imported goods
Pricing of domestic goods for export
Pricing of dividends to shareholders
What is the purpose of tax deductions under section 80C of the Income Tax Act?
To provide tax rebates to companies
To allow individuals to save taxes on specified investments
To collect more revenue for the government
To increase corporate profits
What is the maximum rate of income tax on an individual in India for FY 2023-24?
30%
25%
15%
35%
Which tax is levied on a company's net income in India?
VAT
Corporate Tax
Excise Duty
Service Tax
Which of the following is a non-refundable tax credit under the Income Tax Act, 1961?
Standard Deduction
Dividend Tax Credit
Foreign Tax Credit
Tax Deducted at Source (TDS)
What is the current rate of GST for most goods and services in India?
12%
18%
5%
28%
Which of the following is a direct tax?
GST
Income Tax
Custom Duty
Sales Tax
Which of the following is a characteristic of a progressive tax system?
The tax rate decreases as income increases
The tax rate is constant across all income levels
The tax rate increases as income increases
There is no tax based on income