This quiz works best with JavaScript enabled. Home > Finance > Accounting > Taxation > Taxation – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Taxation Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following are non-taxable supplies in accordance with current regulations? A) Insurance Services. B) Public postal service. C) Solid-liquid collection and disposal services. D) Electricity and clean water. Show Answer Correct Answer: D) Electricity and clean water. 2. When you die this tax is collected A) Sales tax. B) Market. C) Estate tax. D) GDP. Show Answer Correct Answer: C) Estate tax. 3. An individual, being foreign national, came to India first time during the previous year 2019-20 on 01-01-2020 for 200 days, his residential status for the previous year 2019-20 is. A) Non-resident. B) Resident but not ordinarily resident in India. C) Resident and ordinarily resident in India. D) Resident in India. Show Answer Correct Answer: A) Non-resident. 4. A Filipino citizen residing in the Philippines is levied taxes for income derived inside the Philippines only. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 5. Which amongst the following is not a head of Income? A) Income from house Property. B) Salaries. C) Capital gains. D) Income from exports. Show Answer Correct Answer: D) Income from exports. 6. Under a progressive income tax, who would pay the largest proportion of her income in taxes? A) A schoolteacher. B) The owner of a small business. C) A millionaire. D) A student on financial aid. Show Answer Correct Answer: C) A millionaire. 7. The federal income tax is a A) Personal choice. B) Progressive tax. C) Flat tax. D) Regressive tax. Show Answer Correct Answer: B) Progressive tax. 8. The Stamp Duty rate in effect from January 1 2021 is A) Rp10.000. B) Rp15.000. C) Rp5.000. D) Rp20.000. Show Answer Correct Answer: A) Rp10.000. 9. Tax exemption in Life Insurance is A) EEE. B) TTT. C) EET. D) ETE. Show Answer Correct Answer: A) EEE. 10. Charging Section of PGBP A) 26. B) 31. C) 28. D) 45. Show Answer Correct Answer: C) 28. 11. NPS deduction under section 80CCD is A) 20000. B) 50000 in addition to 150000 of 80C. C) Included in 150000 of 80C. D) 50000 maximum. Show Answer Correct Answer: B) 50000 in addition to 150000 of 80C. 12. The goal of tax planning generally is to A) Minimize IRS scrutiny. B) Support the federal government. C) Maximize after-tax wealth. D) Minimize taxes. Show Answer Correct Answer: D) Minimize taxes. 13. The idea that the collection of taxes shouldn't take too much time or money. A) Equity. B) Efficiency. C) Simplicity. D) Certainty. Show Answer Correct Answer: B) Efficiency. 14. Expenditure incurred by a company for the purpose of promoting family planning among its employees, being of a capital nature A) Is fully allowed as deduction. B) Allowed as deduction in 10 equal instalments in 10 years starting from the year of incurring. C) 1/5 of expenditure is allowed as deduction in the previous year. D) Is not allowed as deduction being capital in nature. Show Answer Correct Answer: C) 1/5 of expenditure is allowed as deduction in the previous year. 15. Placing a stamp on an item showed that the tax had not been paid for the item A) False. B) True. Show Answer Correct Answer: A) False. 16. A teacher at the school may deduct his home loan before calculating tax. A) True. B) False. Show Answer Correct Answer: B) False. 17. A tax the government collects when a person dies and is often called a "death tax" A) Property taxes. B) Estate taxes. C) Income tax. D) Tariff. Show Answer Correct Answer: A) Property taxes. 18. What is not included in the tax credit is A) Income Tax Article 24. B) Income Tax Article 23. C) Income Tax Article 25. D) Income Tax Article 29. Show Answer Correct Answer: D) Income Tax Article 29. 19. What tax people pay out of their salaries? A) Company tax. B) Income tax. C) Inheritance tax. D) Capital tax. Show Answer Correct Answer: B) Income tax. 20. The principles of a sound tax system which means that the sources of revenue should be sufficient to meet the demands of public expenditures. A) Administrative feasibility. B) Equality or theoretical justice. C) Fiscal Responsibility. D) Fiscal adequacy. Show Answer Correct Answer: D) Fiscal adequacy. 21. A company may be not ordinarily resident in a year A) True. B) False. Show Answer Correct Answer: B) False. 22. A tax paid on property, sales transactions, imports, and so on is a/an ..... A) Value-added tax. B) Direct tax. C) Indirect tax. D) Capital gains tax. Show Answer Correct Answer: C) Indirect tax. 23. Income Tax is administered by A) State Government. B) Central Board of Direct Taxes. C) Finance Minister. D) Supreme Court. Show Answer Correct Answer: B) Central Board of Direct Taxes. 24. GST was implemented in India from A) 1st January 2017. B) 1st July 2017. C) 1st March 2017. D) 1st April 2017. Show Answer Correct Answer: B) 1st July 2017. 25. Colonists believed that they should not be taxed if they did not agree to the taxes. A) True. B) False. Show Answer Correct Answer: A) True. 26. What is the purpose of Social Security? A) To help Americans pay the bills when they can no longer work. B) To protect the safety of our nation's harbors. C) To provide a trained military. D) To provide low cost healthcare. Show Answer Correct Answer: A) To help Americans pay the bills when they can no longer work. 27. An assessee is always a person but a person need not to be assessee the statement is A) May be. B) Partial true. C) False. D) True. Show Answer Correct Answer: D) True. 28. In which city did colonists leave tea to rot on the docks? A) Charleston. B) New London. C) Georgetown. D) Raeigh. Show Answer Correct Answer: A) Charleston. 29. Income chargeable u/s 28 includes: A) A) Income from business, profession or vocation. B) Any amount received by any person, by whatever name called, holding an agency in India for any part of the activities relating to the business of any other person, at or in connection with the termination of the agency or the modification of any of the terms and conditions relating thereto. C) Any amount received by any person, for or in connection with the vesting in the Government or any corporation owned or controlled by the Government under any law for the time being in force, of the management of any property or business. D) All of Above. Show Answer Correct Answer: D) All of Above. 30. Are farmers exempt from paying tax? A) YES. B) NO. C) NONE OF THE ABOVE. D) None of above. Show Answer Correct Answer: B) NO. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesTaxation Quiz 1Taxation Quiz 2Taxation Quiz 3Taxation Quiz 4Taxation Quiz 5Taxation Quiz 6Taxation Quiz 7Taxation Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books