361.
Compliance of the legal requirements in connection with the tax is the essence of
A
Tax evasion
B
Tax planning
C
Tax avoidance
D
Tax management
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Compliance of the legal requirements in connection with the tax is the essence of
Tax evasion
Tax planning
Tax avoidance
Tax management
Company is defined under
Section 2 (17)of the Income Tax Act
Section 2 (32)of the Income Tax Act
Section 2 (14)of the Income Tax Act
Section 2 (12)of the Income Tax Act
Clubbing of income means
Adding income of two persons
Inclusion of income of other person in assessees income
Total income of various heads
Collection of income
CBDT stands for
Central Bureau of Direct Taxes
Central Board of Direct Taxes
Citizens Board of Direct Taxes
Citizens Bureau of Direct Taxes
Availing tax holiday by a new industrial undertakings in backward areas is a case of
Tax evasion
Tax planning
Tax avoidance
Tax management
Assessee is having stock existing in the business. Valuation of stock will be at
Cost price
Market price
Cost or market price, whichever is less
Cost or market price, whichever is more
As per section 30, which expenditure incurred for a building used for the business or profession shall not be allowed as deduction?
Rent, rates and taxes
Insurance of building
Repairs of building
Capital expenditure
As per section 2(31), the following is not included in the definition of person
An individual
A Hindu undivided family
A company
A minor
Any corporation by or under any Central, State or Provincial Act or a Government Company as defined in the Companies Act is called
Public Sector Company
Joint company
Private Sector company
Provincial Company
Any company which has made the prescribed arrangements for the declaration and payment of dividends within India is called
Domestic Company
Non domestic company
Public sector company
Provincial company
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
Revenue expenditure
Capital expenditure
Speculative transaction expenditure
Illegal expenditure
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 Such expenditure shall be considered as than as stock-in trade) and which have die
Revenue expenditure
Capital expenditure
Deferred revenue expenditure
Illegal expenditure
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
Revenue expenditure
Capital expenditure
Deferred revenue expenditure
Illegal expenditure
An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as
Revenue expenditure
Deferred revenue
Capital expenditure
Expressly disallowed
Amendments by the finance act are made applicable from
First day of next financial year
First day of same financial year
Last day of same Accounting year
None of the above
Alternate Minimum Tax shall not be applicable to a non-corporate assessee who has claimed any deduction under:
Sections 80-IA to 80RRB
section 80P
Section 10AA
Section 35AD
A short term capital asset means a capital asset held by the assesse for not more than
12 Months immediately preceding the month of its transfer
24 Months immediately preceding the month of its transfer
36 Months immediately preceding the month of its transfer
None of these
A person carrying not less than............of the voting power in a company is said to have substantial interest in the company.
10%
20%
30%
40%
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
A company in which the public is not substantially interested is known as
Domestic company
Foreign company
Widely held company
Closely held company