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TAX PLANNING AND MANAGEMENT
M.COM IV SEM ELECTIVE: MC4E(F)04
MULTIPLE CHOICE QUESTIONS
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The objectives of tax planning is to minimise ............?
- tax liability
- finance liability
- tax return
- none of these
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Tax management deals with :
- filing of return in time
- getting the accounts audited
- deducting tax at source
- all of the above
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Income tax act came into force on ............
- 01.04.1961
- 01.04.1962
- 01.04.1956
- 01.04.1965
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Residential status is determined for ............
- previous year
- assessment year
- accounting year
- financial year
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How many heads of income are there to compute gross total income?
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- six
- five
- four
- three
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Deduction of tax at source made for incomes which can be calculated in advance is called ............?
- TDS
- PAS
- FAS
- MAS
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Donation is deductible under section
- 80C
- 80D
- 80E
- 80G
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Education cess on tax payable is at..
- 2%
- 1%
- 3%
- 5%
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The income tax rate on long term capital gains for an individual is ............
- 10%
- 15%
- 20%
- 25%
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When a receipt is determined as capital receipt or revenue receipt .
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- at the time of it is received
- while preparing final account
- when the received amount is used
- none of these
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STT stands for
- securities transaction tax
- secure transaction tax
- securities transmission tax
- none of these
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Who is tax payer?
- business man
- trust
- assessee
- govt employee
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Reciept of amount on maturity of LIC policy is ............
- a revenue receipt
- capital receipt
- a casual receipt
- fixed receipt
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Income by way of rent of agricultural land is ............
- business income
- income from other sources
- agricultural income
- casual income
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The highest administrative authority for income tax in India .............?
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- finance minister
- president of India
- CBDT
- director of IT
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Tonnage tax is based on ............
- net tonnage
- gross tonnage
- actual tonnage
- weighted average
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ANSWER KEY
1.a 2.d 3.b 4.a 5.b 6.a 7.d 8.a 9.c 10.a 11.a 12.c 13.b 14.c 15.c 16.a
Prepared by:
Sri. Nazar. K
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Assistant Professor on contract,
School of Distance Education,
University of Calicut.
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This download link is referred from the post: Calicut University 2020 Important Questions (Question Bank) || (University of Calicut)
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