Top 150+ Solved Tax Planning and Management MCQ Questions Answer
Q. Flat rate of corporate tax for a domestic company with annual turnover up to Rs250 crore is
a. 15%
b. 25%
c. 30%
d. 35%
Q. Flat rate of corporate tax for a domestic company with annual turnover more than Rs250 crore is
a. 15%
b. 25%
c. 30%
d. 35%
Q. Which of the following shall not be regarded as capital asset?
a. Jewellery
b. Rural Agricultural land
c. Archaeological Collections
d. Paintings
Q. Which of the following is not a capital expense?
a. Installation expenditure of plant of a company.
b. Legal expenses for reduction of capital.
c. Commission to employees to achieve sales Targets.
d. Expenses of promoting a company.
Q. Which of the following donations is eligible for 100 % deduction?
a. Help to poor
b. National DefenceFund
c. Rajive Gandhi Foundation
d. Any notified temple
Q. Indexation is applicable to.......................
a. Sale of short term capital assets.
b. Sale of long term debentures.
c. Sale of depreciable capital assets.
d. Sale of long term capital assets which are not depreciable assets
Q. XYZ & Co. incurred a liability by giving discount on issue of debentures. Such expenditureshall be considered as
a. Revenue expenditure
b. Deferred revenue expenditure
c. Capital expenditure
d. Illegal expenditure
Q. The objectives of tax planning is to minimise .........?
a. tax liability
b. finance liability
c. tax return
d. none of these
Q. Tax management deals with :
a. filing of return in time
b. getting the accounts audited
c. deducting tax at source
d. all of the above
Q. Residential status is determined for ………………..
a. previous year
b. assessment year
c. accounting year
d. financial year
Q. How many heads of income are there to compute gross total income?
a. six
b. five
c. four
d. three
Q. Deduction of tax at source made for incomes which can be calculated in advance is called……………..?
a. TDS
b. PAS
c. FAS
d. MAS