341.
Long term capital loss can be set off against
A
Long term capital loss
B
Short term capital loss
C
Long term capital gain
D
All of these
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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
Flat rate of corporate tax for a foreign company is
15%
25%
30%
40%%
Flat rate of corporate tax for a domestic company with annual turnover up to Rs250 crore is
15%
25%
30%
35%
Flat rate of corporate tax for a domestic company with annual turnover more than Rs250 crore is
15%
25%
30%
35%
Expenditure incurred by an hotelier on replacement of linen and carpets in his hotel. Such expenditure shall be considered as
Revenue expenditure
Deferred revenue expenditure
Capital expenditure
Illegal expenditure
Educational cess is levied in case of
Individual
HUF
Company
All assesses
Donation is deductible under section
80 C
80D
80 E
80 G
Dividend from an Indian Company is
Fully Taxable
Partly Taxable
Fully Exempted
None of these
Deemed dividend is defined in
Section 2 (22)(a)
Section 2 (21)(a)
Section 2 (23)(a)
Section 2 (22)(c)
Concealment of income or false claims to reduce tax liability are cases of
Tax evasion
Tax planning
Tax avoidance
Tax management
Compliance with legal formalities and availing tax incentives are cases of
Tax evasion
Tax planning
Tax avoidance
Tax management