Quiznetik
Tax Planning and Management | Set 2
1. 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
Correct : D. all of the above
2. income tax act came into force on …………
A. 01.04.1961
B. 01.04.1962
C. 01.04.1956
D. 01.04.1965
Correct : B. 01.04.1962
3. Residential status is determined for ………………..
A. previous year
B. assessment year
C. accounting year
D. financial year
Correct : A. previous year
4. How many heads of income are there to compute gross total income?
A. six
B. five
C. four
D. three
Correct : B. five
5. Deduction of tax at source made for incomes which can be calculated in advance is called ……………..?
A. TDS
B. PAS
C. FAS
D. MAS
Correct : A. TDS
6. Donation is deductible under section
A. 80C
B. 80D
C. 80E
D. 80G
Correct : D. 80G
7. Education cess on tax payable is at..
A. 2%
B. 1%
C. 3%
D. 5%
Correct : A. 2%
8. The income tax rate on long term capital gains for an individual is …………..
A. 10%
B. 15%
C. 20%
D. 25%
Correct : C. 20%
9. When a receipt is determined as capital receipt or revenue receipt .
A. at the time of it is received
B. while preparing final account
C. when the received amount is used
D. none of these
Correct : A. at the time of it is received
10. STT stands for
A. securities transaction tax
B. secure transaction tax
C. securities transmission tax
D. none of these
Correct : A. securities transaction tax
11. Who is tax payer?
A. business man
B. trust
C. assessee
D. govt employee
Correct : C. assessee
12. Reciept of amount on maturity of LIC policy is ……………. .
A. a revenue receipt
B. capital receipt
C. a casual receipt
D. fixed receipt
Correct : B. capital receipt
13. Income by way of rent of agricultural land is ……………. .
A. business income
B. income from other sources
C. agricultural income
D. casual income
Correct : C. agricultural income
14. The highest administrative authority for income tax in India ………….?
A. finance minister
B. president of India
C. CBDT
D. director of IT
Correct : C. CBDT
15. Tonnage tax is based on …………………... .
A. net tonnage
B. gross tonnage
C. actual tonnage
D. weighted average
Correct : A. net tonnage