41.
Return of income must be furnished on or beforethe due date as per a part of
A
Tax evasion
B
Tax planning
C
Tax avoidance
D
Tax management
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Return of income must be furnished on or beforethe due date as per a part of
Tax evasion
Tax planning
Tax avoidance
Tax management
Return filed after the due date is called
Revised return
Best return
Belated return
Defective return
Reducing tax liability, utilizing the deductions, exemptions or reliefs allowed in the Act and Rules is called
Tax evasion
Tax planning
Tax avoidance
Tax management
Profits earned from an illegal business are
Taxable.
Tax free.
Ignored by Tax Authorities.
treated as other income.
Previous year means the financial year immediately preceding the
Accounting Year
Assessment Year
All of the above d.None of the above
Preliminary expenses incurred are allowed deduction in:
10 equal annual instalments
5 equal annual instalments
full
None of these
Pension is................under the salary head.
Fully taxable
Partially taxable
Not taxable
None of the above
PAN stands for
Private bank Number
Permanent Account Number
Personal Account Number
Passive Account Number
Minors income is clubbed to
Fathers income
Mothers income
Fathers income or mothers income whichever is grater
Both mothers and fathers income
MAT Provisions are applicable to
Non domestic companies
Indian companies
Private companies
Every Company
Long term capital loss can be set off against
Long term capital loss
Short term capital loss
Long term capital gain
All of these
It is the device which satisfies the requirements of the law but not in accordance with the intentions of the law
Tax evasion
Tax planning
Tax avoidance
Tax management
Indexation is applicable to
Sale of short term capital assets.
Sale of long term debentures.
Sale of depreciable capital assets.
Sale of long term capital assets which are not depreciable assets
Income tax rates are fixed in
Income tax Act
Finance Act
Income tax rules
Finance rules
Income from horse race falls under the head
Salary
Other sources
Profession
Business
Income distributed by a money market mutual fund or liquid fund is taxable @.........
15% + Surcharge 10% + 4%HEC
20% + Surcharge 10% + 4%HEC
25% + Surcharge 10% + 4%HEC
30% + Surcharge 10% + 4%HEC
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
12.5% + Surcharge 10% + 4 % HEC
15% + Surcharge 10% + 4 % HEC
20% + Surcharge 10% + 4 % HEC
25% + Surcharge 10% + 4 % HEC
In accordance with the provisions of Section 17(1) of Income Tax Act, 1961, the term salary includes
Any annuity or pension
Any gratuity
Any fees, commission, perquisite or profits in lieu of or in addition to any salary orwages
All of the above
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
15% of books profits plus Surcharge) if any) plus 4% HEC
16% of books profits plus Surcharge)if any) plus 4% HEC
16.5% of books profits plus Surcharge)if any) plus 4% HEC
18.5% of books profits plus Surcharge(if any) plus 4% HEC
Group of assets falling within a class of assets comprising of tangible & intangible assets is known as :
Group of assets
Block of assets
Set of assets
Cluster of assets