This quiz works best with JavaScript enabled. Home > Finance > Taxation > Tax Planning > Tax Planning – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Tax Planning Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 9-Return on investment > rate of interest, ..... funds may be used in capital structure. A) Minimum Debt Fund. B) Maximum Equity Fund. C) Maximum Debt Fund. D) Minimum Equity Fund. Show Answer Correct Answer: C) Maximum Debt Fund. 2. How can individuals reduce their tax liability through financial decisions? A) By making random decisions. B) By not considering taxes. C) By making smart financial decisions. D) By ignoring their financial situation. Show Answer Correct Answer: C) By making smart financial decisions. 3. Business asset disposal relief is currently available on gains up to a lifetime limit of ..... A) £ 10million. B) £ 1million. C) £ 5 million. D) £ 2 million. Show Answer Correct Answer: B) £ 1million. 4. Indonesian Minister of Forestry A) Bambang Brodjonegoro. B) Nila Moeloek. C) Sofyan Djalil. D) Siti nurbaya baked. Show Answer Correct Answer: D) Siti nurbaya baked. 5. In partnership, firm can pay interest on capital and loan to partners at the maximum rate of ..... p.a A) 11%. B) 10%. C) 13%. D) 12%. Show Answer Correct Answer: D) 12%. 6. 1-An application for advance ruling cannot be made by the applicant who is non-resident. A) True. B) False. Show Answer Correct Answer: B) False. 7. The rate and basis for imposition of Tax on Construction Implementation tax objects (Small Business Qualification-PPh article 4 paragraph 2) is A) 2% and total payment/receipt of payment/part of the value of construction services. B) 3% and and Amount of payment/receipt of payment/part of the value of construction services. C) 2 % and and Gross circulation. D) 4% and and Amount of payment/receipt of payment/part of the value of construction services. Show Answer Correct Answer: A) 2% and total payment/receipt of payment/part of the value of construction services. 8. 2-A company which is neither an Indian company not has made the prescribed arrangements for the declaration and payment of dividends within India is called ..... A) Foreign Company. B) Provincial company. C) Domestic Company. D) Public sector company. Show Answer Correct Answer: A) Foreign Company. 9. What is the purpose of tax donations? A) To increase taxable income. B) To decrease taxable income. C) To support social welfare and development. D) To avoid taxes. Show Answer Correct Answer: A) To increase taxable income. 10. What can you claim a deduction for regarding tax donations in Malaysia? A) Money given to politicians. B) Assets given to friends. C) Donations to non approved instituitions. D) Gifts to any organization. Show Answer Correct Answer: B) Assets given to friends. 11. What is the purpose of tax planning A) To avoid taxes completely. B) To double tax payments. C) To maximize tax savings. D) To increase tax liability. Show Answer Correct Answer: C) To maximize tax savings. 12. 8-Concealment of income or false claims to reduce tax liability are cases of ..... A) Tax evasion. B) Tax avoidance. C) Tax planning. D) Tax management. Show Answer Correct Answer: A) Tax evasion. 13. Not recognizing realized income is a(n): A) Form of tax evasion unless Congress has specifically allowed it. B) Effective tax-planning strategy. C) Form of tax avoidance. D) Form of tax avoidance, and effective tax-planning strategy, and a form of tax evasion unless Congress has specifically allowed it. Show Answer Correct Answer: D) Form of tax avoidance, and effective tax-planning strategy, and a form of tax evasion unless Congress has specifically allowed it. 14. Formal Requirements for Crediting Input Tax Invoices A) It is not filled in completely, clearly and correctly and is signed by the party appointed by the PKP. B) Contains actual or actual information regarding a transaction. C) It has been charged as a fee. D) Created within 3 months of the FP creation deadline. Show Answer Correct Answer: D) Created within 3 months of the FP creation deadline. 15. What qualifies for personal reliefs? A) Medical expenses for cosmetic surgery. B) Medical expenses that are necessary for the treatment for diseases. C) Medical expenses for a vacation. D) Medical expenses for a spa treatment. Show Answer Correct Answer: B) Medical expenses that are necessary for the treatment for diseases. 16. The amount of PPh 21 Allowance when the Taxable Income of an officer is Rp4.556.940.000, 00? A) 165.200.000, 00. B) 176.200.000, 00. C) 156.200.000, 00. D) 186.200.000, 00. Show Answer Correct Answer: C) 156.200.000, 00. 17. Sec 80C applies on A) Company. B) Firm. C) Individual and HUF. D) Co-operative society. Show Answer Correct Answer: C) Individual and HUF. 18. Location of the new business include A) Industrial undertaking in free trade zones (section 10 A). B) 100% export oriented undertaking (section 10 B). C) Industrial undertaking in industrial backward state & district (section 80 IB). D) All the above. Show Answer Correct Answer: D) All the above. 19. What are tax deductibles? A) Expenses that reduce your taxable income. B) Expenses that increase your tax liability. C) Expenses that are not allowed. D) Expenses that double your tax. Show Answer Correct Answer: A) Expenses that reduce your taxable income. 20. An American citizen cannot be a resident of Malaysia A) False. B) True. Show Answer Correct Answer: A) False. 21. ..... are the compulsory contribution by the citizens of a country for meeting different government expenditures. A) Capital. B) Expenditures. C) Taxes. D) None of the above. Show Answer Correct Answer: C) Taxes. 22. Which of the following statements relating to real property gains tax (RPGT) is true? A) Residential properties in Malaysia do not fall within the scope of RPGT. B) The disposal of a property in Malaysia is not subject to RPGT if rental income derived from the property has previously been assessed to income tax. C) Both RPGT and income tax may apply at the same time on a gain arising from the disposal of a property in Malaysia. D) The disposal of a property located outside Malaysia, by a Malaysian citizen, is not subject to RPGT. Show Answer Correct Answer: D) The disposal of a property located outside Malaysia, by a Malaysian citizen, is not subject to RPGT. 23. Shopping voucher coupon sponsored by A) Pt hero. B) Giant. C) We alone. D) Guardian. Show Answer Correct Answer: C) We alone. 24. The purpose of Equalization is: A) Equating VAT Turnover and Corporate Income Tax. B) Check income tax objects that have not been reported. C) Make corrections to costs related to PPh objects. D) Withholding PPh on costs related to the object of PPh Withholding and Collection. Show Answer Correct Answer: B) Check income tax objects that have not been reported. 25. Beny vario motorbike plate A) Bk 4923 adc. B) Bk 4872 afc. C) Bk 4875 afs. D) Bk 4936 afs. Show Answer Correct Answer: D) Bk 4936 afs. 26. 3-Unilateral relief means a method of providing relief from double taxation in which:- A) Home country of the taxpayer provides tax relief, where no mutual agreement has been entered into by the two countries for providing relief from double taxation. B) Governments of two countries, enter into an agreement to provide relief against double taxation on mutually agreed basis. C) Both A and B. D) None of the above. Show Answer Correct Answer: A) Home country of the taxpayer provides tax relief, where no mutual agreement has been entered into by the two countries for providing relief from double taxation. 27. What determines residence status for tax purposes A) The duration of stay. B) The number of relatives. C) The age of the individual. D) The type of employment. Show Answer Correct Answer: A) The duration of stay. 28. How do taxes affect disposable income? A) They double it. B) They reduce it. C) They increase it. D) They have no impact. Show Answer Correct Answer: C) They increase it. 29. The share in the profit of the partnership firm is exempt form tax under Section ..... of the Income-tax Act A) 10 (any). B) 10(AM). C) 10(FOR). D) 10(1A). Show Answer Correct Answer: A) 10 (any). 30. What is the purpose of personal reliefs A) To decrease taxable income. B) To increase taxable income. C) To have no impact on taxable income. D) To double taxable income. Show Answer Correct Answer: A) To decrease taxable income. Next →Related QuizzesTaxation QuizzesFinance QuizzesTax Planning Quiz 2Tax Planning Quiz 3Tax Planning Quiz 4Tax Planning Quiz 5Tax Planning Quiz 6Tax Planning Quiz 7 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books