Tax Planning and Management Quizzes | Trivia Quiz for Practice

76. The Presumptive Taxation Scheme of Section 44 AD can be adopted by

1. Partnership firms except Limited Liability Partnership Firms
2. All of these
3. Resident Individual tax payers
4. Hindu Undivided Families

77. The rate of corporate dividend tax during the year 2018-19 is

1. 19.67% + 12% surcharge + 4% HEC
2. 20% + 12% surcharge + 4% HEC
3. 17.674% + 12% surcharge + 4% HEC
4. 18. % + 12% surcharge + 4% HEC

78. The salary, remuneration or compensation received by the partners is taxable under the head

1. Salary
2. None of the above
3. Income from Other Sources
4. Income from Business

79. The total income of a domestic company is taxable at the rate of

1. 40%
2. 35%
3. 20%
4. 30%

80. The total income of a non domestic company is taxable at the rate of

1. 40%
2. 35%
3. 20%
4. 30%

81. Tonnage tax system is exclusively intended to

1. Sipping companies
2. IT Companies
3. Joint stock Companies
4. partnership firms

82. Under the head Income from House Property the basis of charge is

1. Annual Value
2. Municipal Value
3. Rent Received
4. Gross Annual Value

83. Under the Income Tax Act, 1961, depreciation on machinery is charged on

1. Market price of the machinery
2. All of the above
3. Purchase price of the machinery
4. Written down value of the machinery

84. Under the Income-tax Act, 1961, interest on capital received by a partner from a partnership firm is chargeable under the head

1. Capital gains
2. None of the above
3. Profits and gains of business or profession
4. Income from other sources

85. Under the Income-tax Act, 1961, notional profit from speculative business is

1. Taxable either as income from other sources or as income from profits and gains of business and profession
2. Not taxable.
3. Taxable under the head income from profits and gains of business and profession
4. Taxable under the head income from other sources

86. Using the loopholes of law to reduce tax is known as

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

87. What are treated as agricultural income

1. Purchase of standing crops
2. All of these
3. Income from poultry farm
4. Income from bee heaving

88. Which among the following is not a widely held company

1. Limited Company
2. None of these
3. Mutual Benefit Finance Company
4. Private Limited Company

89. Which among the following is not available to companies?

1. 80 G
2. None of these
3. 80 IB
4. 80 C

90. Which is the charging section of income under the head profits and gains of business or profession?

1. Section 28
2. Section 17
3. Section 15
4. Section 24