Tax Planning and Management Quiz | Tax Planning and Management Question and Answer for Practice

31. Deemed dividend is defined in

1. Section 2 (22)(a)
2. Section 2 (21)(a)
3. Section 2 (23)(a)
4. Section 2 (22)(c)

32. Dividend from an Indian Company is

1. Fully Taxable
2. Partly Taxable
3. Fully Exempted
4. None of these

33. Donation is deductible under section

1. 80 C
2. 80D
3. 80 E
4. 80 G

34. Educational cess is levied in case of

1. Individual
2. HUF
3. Company
4. All assesses

35. Expenditure incurred by an hotelier on replacement of linen and carpets in his hotel. Such expenditure shall be considered as

1. Revenue expenditure
2. Deferred revenue expenditure
3. Capital expenditure
4. Illegal expenditure

36. Flat rate of corporate tax for a domestic company with annual turnover more than Rs250 crore is

1. 15%
2. 25%
3. 30%
4. 35%

37. Flat rate of corporate tax for a domestic company with annual turnover up to Rs250 crore is

1. 15%
2. 25%
3. 30%
4. 35%

38. Flat rate of corporate tax for a foreign company is

1. 15%
2. 25%
3. 30%
4. 40%%

39. Group of assets falling within a class of assets comprising of tangible & intangible assets is known as :

1. Group of assets
2. Block of assets
3. Set of assets
4. Cluster of assets

40. 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

1. 15% of books profits plus Surcharge) if any) plus 4% HEC
2. 16% of books profits plus Surcharge)if any) plus 4% HEC
3. 16.5% of books profits plus Surcharge)if any) plus 4% HEC
4. 18.5% of books profits plus Surcharge(if any) plus 4% HEC

41. In accordance with the provisions of Section 17(1) of Income Tax Act, 1961, the term salary includes

1. Any annuity or pension
2. Any gratuity
3. Any fees, commission, perquisite or profits in lieu of or in addition to any salary orwages
4. All of the above

42. 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

1. 12.5% + Surcharge 10% + 4 % HEC
2. 15% + Surcharge 10% + 4 % HEC
3. 20% + Surcharge 10% + 4 % HEC
4. 25% + Surcharge 10% + 4 % HEC

43. Income distributed by a money market mutual fund or liquid fund is taxable @.........

1. 15% + Surcharge 10% + 4%HEC
2. 20% + Surcharge 10% + 4%HEC
3. 25% + Surcharge 10% + 4%HEC
4. 30% + Surcharge 10% + 4%HEC

44. Income from horse race falls under the head

1. Salary
2. Other sources
3. Profession
4. Business

45. Income tax rates are fixed in

1. Income tax Act
2. Finance Act
3. Income tax rules
4. Finance rules