21.
Under GST, what is the threshold limit for mandatory registration for service providers?
A
Rs. 20 lakh
B
Rs. 40 lakh
C
Rs. 10 lakh
D
Rs. 50 lakh
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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
Which tax is levied on the distribution of profits by a company to its shareholders?
Corporate tax
Dividend Distribution Tax
Sales Tax
Service Tax
Under which section can the Income Tax Department reassess the income of a company?
Section 147
Section 115JB
Section 143(3)
Section 10
What is the purpose of tax audits for companies in India?
To reduce corporate taxes
To assess the accuracy of financial statements
To check the income of employees
To prepare the tax return
Which of the following is not a type of corporate tax under the Income Tax Act, 1961?
Income tax
Dividend distribution tax
Capital gains tax
Tax on income from house property
What is the penalty for non-payment of taxes in India?
No penalty
Interest and fines
Only interest
Refund of taxes paid
Which of the following is not a component of direct tax?
Corporate Tax
Income Tax
Wealth Tax
Sales Tax
What is the due date for filing the corporate tax return in India for a company with a financial year ending on March 31st?
June 30th
September 30th
November 30th
December 31st
The minimum alternate tax (MAT) is levied on:
All companies
Companies with zero tax liability
Only foreign companies
Only government companies