Download Calicut University M.Com Latest 2020 Tax Planning and Management Question Bank

TAX PLANNING AND MANAGEMENT

M.COM IV SEM ELECTIVE: MC4E(F)04

MULTIPLE CHOICE QUESTIONS

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1. The objectives of tax planning is to minimise ............?

   1. tax liability
   2. finance liability
   3. tax return
   4. none of these

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2. Tax management deals with :

   1. filing of return in time
   2. getting the accounts audited
   3. deducting tax at source

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   4. all of the above

3. Income tax act came into force on ............

   1. 01.04.1961
   2. 01.04.1962

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   3. 01.04.1956
   4. 01.04.1965

4. Residential status is determined for ............

   1. previous year

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   2. assessment year
   3. accounting year
   4. financial year

5. How many heads of income are there to compute gross total income?

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   1. six
   2. five
   3. four
   4. three

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6. Deduction of tax at source made for incomes which can be calculated in advance is called ............?

   1. TDS
   2. PAS
   3. FAS
   4. MAS

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7. Donation is deductible under section

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

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   4. 80G

8. Education cess on tax payable is at..

   1. 2%
   2. 1%

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   3. 3%
   4. 5%

9. The income tax rate on long term capital gains for an individual is ............

   1. 10%

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   2. 15%
   3. 20%
   4. 25%

10. When a receipt is determined as capital receipt or revenue receipt .

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    1. at the time of it is received
    2. while preparing final account
    3. when the received amount is used
    4. none of these

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11. STT stands for

    1. securities transaction tax
    2. secure transaction tax
    3. securities transmission tax
    4. none of these

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12. Who is tax payer?

    1. business man
    2. trust
    3. assessee

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    4. govt employee

13. Reciept of amount on maturity of LIC policy is ............

    1. a revenue receipt
    2. capital receipt

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    3. a casual receipt
    4. fixed receipt

14. Income by way of rent of agricultural land is ............

    1. business income

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    2. income from other sources
    3. agricultural income
    4. casual income

15. The highest administrative authority for income tax in India .............?

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    1. finance minister
    2. president of India
    3. CBDT
    4. director of IT

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16. Tonnage tax is based on ............

    1. net tonnage
    2. gross tonnage
    3. actual tonnage
    4. 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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