Tax Planning and Management Objective Questions | MCQ Quiz for Practice

61. Section 115JB relates to

1. Tonnage Tax
2. Corporate Dividend Tax
3. MAT
4. GST

62. Section 2 (234) relates to

1. Indian company
2. Domestic company
3. Foreign company
4. Widely held company

63. Section 2(9) of Income tax deals with

1. Person
2. Assessee
3. Previous Year
4. Assessment Year

64. Section 80 JJAA deals with

1. Deduction in respect of produced companies
2. Production in respect of certain incomes
3. Deduction in respect of employment of new employee
4. Deduction in respect of profits and gains from undertakings an enterprise in special category states

65. Subletting is assessable under the head

1. Income from HP
2. Income from Other Source
3. Income from Capital Gain
4. None of the above

66. Substantial interest in the company means not less than.........of voting power

1. 50%
2. 20%
3. 30%
4. 40%

67. Tax avoidance is

1. Illegal
2. Immoral
3. Lawful
4. All of these

68. Tax deduction available to certain industries for the initial few years is called

1. Tax Holiday
2. Tax
3. TDS
4. Advance

69. The books of accounts are to be kept and maintained for a period of how many years from the end of the relevant assessment year.

1. 6 years
2. 5 years
3. 8 years
4. Unlimited period

70. The employer made a contribution of Rs 25,000 to recognized provident fund for the previous year 2018-19. Such payment was made on 12th March, 2019. Such expenditure shall be considered as

1. Revenue expenditure
2. Capital expenditure
3. Deferred revenue expenditure
4. None of the above

71. The inclusion of income of other person in the income of assesseeis called

1. Aggregation
2. Carry forward
3. Clubbing
4. Set off

72. The Income Tax Act came into force from

1. 1st March 1971
2. 1st April 1971
3. 1st March 1961
4. 1st April 1962

73. The loss from speculation business can be set off against

1. Any income
2. Not any income
3. Non speculative business
4. Speculative business only

74. The maximum deduction available under section 80 C is

1. Rs50000
2. Rs100000
3. Rs150000
4. Rs200000

75. The method by which a person illegally reduces his tax burden by either deflating their income or inflating their expenses is known as

1. Tax planning
2. Tax evasion
3. Tax management
4. Tax avoidance