Top 150+ Solved Tax Planning and Management MCQ Questions Answer
Q. A company in which the public are not substantially interested is closed------
a. Open company
b. Closely held company
c. Limited company
d. None of these
Q. Section 115JB relates to ----
a. Securities Transaction Tax
b. Maximum Alternative Tax
c. Minimum Alternative Tax
d. Surcharge
Q. Under the Income Tax Act, 1961, depreciation on machinery is charged on ………
a. Purchase price of the machinery
b. Written down value of the machinery
c. Market price of the machinery
d. All of the above
Q. If the tax liability of a company is less than 18.5% of its book profits, the company is liable topay MAT at the rate of ------
a. 15% of books profits plus Surcharge) if any) plus 4% HEC
b. 16% of books profits plus Surcharge)if any) plus 4% HEC
c. 16.5% of books profits plus Surcharge)if any) plus 4% HEC
d. 18.5% of books profits plus Surcharge(if any) plus 4% HEC
Q. A company carry forward the eligible tax credit under MAT for a maximum of -----
a. Five assessment years
b. Eight assessment years
c. Ten assessment years
d. Twelve assessment years
Q. The rate of corporate dividend tax during the year 2018-19 is ------
a. 17.674% + 12% surcharge + 4% HEC
b. 18. % + 12% surcharge + 4% HEC
c. 19.67% + 12% surcharge + 4% HEC
d. 20% + 12% surcharge + 4% HEC
Q. Income distributed by a money market mutual fund or liquid fund is taxable @------
a. 15% + Surcharge 10% + 4%HEC
b. 20% + Surcharge 10% + 4%HEC
c. 25% + Surcharge 10% + 4%HEC
d. 30% + Surcharge 10% + 4%HEC
Q. Income distributed by a fund other than a money market mutual fund or a liquid fund to anindividual or HUF is subject to CDT at the rate of
a. 12.5% + Surcharge 10% + 4 % HEC
b. 15% + Surcharge 10% + 4 % HEC
c. 20% + Surcharge 10% + 4 % HEC
d. 25% + Surcharge 10% + 4 % HEC
Q. Under the head Income from House Property the basis of charge is ……
a. Rent Received
b. Gross Annual Value
c. Annual Value
d. Municipal Value
Q. Tonnage tax system is exclusively intended to ------
a. Joint stock Companies
b. partnership firms
c. Sipping companies
d. IT Companies
Q. Which among the following is not available to companies?
a. 80 IB
b. 80 C
c. 80 G
d. None of these
Q. MAT Provisions are applicable to----
a. Non domestic companies
b. Indian companies
c. Private companies
d. Every Company
Q. Which among the following is not a widely held company
a. Mutual Benefit Finance Company
b. Private Limited Company
c. Limited Company
d. None of these
Q. Substantial interest in the company means not less than---- of voting power
a. 50%
b. 20%
c. 30%
d. 40%