This quiz works best with JavaScript enabled. Home > Finance > Taxation > Tax Planning > Tax Planning – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Tax Planning Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are taxes primarily used for by governments A) Reducing inflation. B) Supporting businesses. C) Funding public services. D) Increasing personal savings. Show Answer Correct Answer: C) Funding public services. 2. Tax management covers matters relating to A) Taking steps to avail various tax incentives. B) Settlement of tax cases. C) Compliance with tax rules and regulations. D) All the above. Show Answer Correct Answer: D) All the above. 3. Concealment of income or false claims to reduce tax liability are cases of ..... A) Tax evasion. B) Tax management. C) Tax Planning. D) Tax avoidance. Show Answer Correct Answer: C) Tax Planning. 4. ..... under Section 10A for ten years in the case of a newly establishedindustrial undertaking in free trade zones. A) 75% exemption. B) 50% exemption. C) 25% exemption. D) Full exemption. Show Answer Correct Answer: D) Full exemption. 5. Children education allowance is exempt up to: A) Rs. 100 pa for 2 children. B) Rs. 100 pm per child for 2 children each. C) Rs. 300 pm per child for 2 children each. D) All the above. Show Answer Correct Answer: B) Rs. 100 pm per child for 2 children each. 6. Collection rates The object of tax on imports with API is A) 7, 5%. B) 1, 5%. C) 0, 5%. D) 2, 5%. Show Answer Correct Answer: D) 2, 5%. 7. ..... excludes fraud, concealment orother illegal measures. A) Tax evasion. B) Tax management. C) Tax planning. D) Tax avoidance. Show Answer Correct Answer: D) Tax avoidance. 8. When to Make a Tax Invoice for the term payment? A) In the case of submission of BKP and/or submission of JKP. B) In terms of receipt of payment, the receipt of payment occurs before delivery of the BKP and/or JKP. C) In the case of handover of part of the work phase;. D) In terms of being regulated in a separate PMK. Show Answer Correct Answer: C) In the case of handover of part of the work phase;. 9. Jesica, a British citizen, arrived in Malaysia on 1 August 2021 to commence employment. She was physically present in Malaysia until he left permanently on 10 July 2022, with the exception of 20 days in February 2022, when she was in Singapore meeting with her employer's clients.In which year(s) of assessment is Jesica resident in Malaysia? A) 2021 only. B) 2022 only. C) 2021 and 2022. D) Not a resident in either year . Show Answer Correct Answer: A) 2021 only. 10. The Impact of Not Paying Attention to the Principle of Fairness in Tax Collection is a Characteristic of VAT.....? A) As Indirect Tax. B) As a Tax Applying Credit and Invoice Method. C) As a Multi Stage Levy Tax. D) As an Objective Tax. Show Answer Correct Answer: D) As an Objective Tax. 11. Janet is self-employed and drove her car 2, 500 miles for work this past year. Assuming Janey has kept proper records of her mileage, what would be Janet's standard mileage deduction? A) $ 1, 362.50. B) $ 375.00. C) $ 2, 500.00. D) $ 202.50. Show Answer Correct Answer: A) $ 1, 362.50. 12. Income from Business in UK is taxable in case of non resident in India A) False. B) True. Show Answer Correct Answer: A) False. 13. Third parties have an important role in carrying out obligations in withholding tax, except: A) Deposit the tax that has been withheld/collected to the State Treasury. B) Report the tax withheld/collected to the KPP where the withholder/collector is registered. C) Cutting or picking. D) Pay tax to the collector/collector. Show Answer Correct Answer: D) Pay tax to the collector/collector. 14. Deduction under Section 80-ID in respect of profits and gains from business of ..... A) Infrastructure. B) Hotels & convention centers in specificed area. C) Special economic zone. D) Free trade zones. Show Answer Correct Answer: B) Hotels & convention centers in specificed area. 15. Advance payment is one of the possibilities for Equalization of Corporate Income Tax Returns with A) Income Tax Article 23. B) Income Tax Article 21. C) Income Tax Article 4(2). D) PPN. Show Answer Correct Answer: D) PPN. 16. Tax Planning is an exercise undertaken to minimize tax liability through thebest use of all available ..... income. A) Exemption. B) Deductions. C) Rebates & relief to reduce. D) All the above. Show Answer Correct Answer: D) All the above. 17. Under the head Income from House Property the basis of charge is ..... A) Annual Value. B) Gross Annual Value. C) Rent Received. D) Municipal value. Show Answer Correct Answer: A) Annual Value. 18. Reconciliation of DPP VAT for Foreign Services (JLN) and DPP PPh Article 26 cannot be carried out if..... A) There are payments for costs related to PPh 26 objects to LN made by DN taxpayers. B) There are payments for foreign service VAT services to foreign service providers which are made by DN taxpayers. C) There is a deduction on PPh Object Article 26 according to P3B done by WP DN. D) There are payments and deductions for PPh Article 26 objects amounting to IDR 0. Show Answer Correct Answer: D) There are payments and deductions for PPh Article 26 objects amounting to IDR 0. 19. Sandy, a Singaporean citizen, is resident in Malaysia for the year of assessment 2022. She is a renowned composer and has also published literary books on the history of musical instruments. She derived the following royalties from Malaysia in the year of assessment 2022:Royalty from musical composition RM24, 000 Royalty from published literary book RM26, 000What is Sandy's statutory income from royalties for the year of assessment 2018? A) RM26, 000 . B) RM50, 000. C) RM24, 000. D) RM10, 000. Show Answer Correct Answer: D) RM10, 000. 20. Section 33AB include A) Tea development account. B) Coffee development account. C) Ruber development account. D) All the above. Show Answer Correct Answer: D) All the above. 21. What is difference between realized and recognized income? A) Realized income is when it is reported on the tax return, and recognized income is when an asset is converted into another asset for a gain. B) Realized income occurs when money is earned, and recognized income is when realized income is taxed. C) Realized and recognized income are the same thing; one is just an accounting term and the other is a tax term. D) Realized income is taxable in a future tax period, and recognized income is taxable in the current tax period. Show Answer Correct Answer: B) Realized income occurs when money is earned, and recognized income is when realized income is taxed. 22. Tax avoidance legalimplications is A) Loopholes in the law. B) Over rules the law. C) Both a & b. D) None of the above. Show Answer Correct Answer: A) Loopholes in the law. 23. Tax planning with reference to setting up of the new business A) Location of the business. B) Nature of the business. C) Form of the business. D) All the above. Show Answer Correct Answer: D) All the above. 24. Roth IRAs may allow you to achieve which of the following?I. Tax-free distributionsII. Tax-deferred growthIII. Reduced current taxable income A) I and II. B) I, II, and III. C) I only. D) I and II only. Show Answer Correct Answer: A) I and II. 25. Gains qualifying for investors' relief are taxed at ..... A) 10%. B) 20%. C) 18%. D) 28%. Show Answer Correct Answer: A) 10%. 26. 3-Tonnage tax system is exclusively intended to ..... A) Partnership firms. B) Joint stock Companies. C) IT Companies. D) Shipping Companies. Show Answer Correct Answer: D) Shipping Companies. 27. If the company provides tips, money for processing documents or permits, entertainment fees for project leaders, entertainment fees or other costs and cannot complete the gift with a list of nominatives, then the gift cannot be deducted from gross income, so the strategy that can be implemented is profit company..... A) Reclassify to additional salary. B) Reclassify these costs in providing honoraria or compensation to third parties. C) Reclassify to benefits. D) Reclassify to bonus. Show Answer Correct Answer: B) Reclassify these costs in providing honoraria or compensation to third parties. 28. ..... means the period of twelve months commencing on the first day of April every year and ending on thirty first March of the subsequent year. A) Assessment year. B) Previous year. C) Financial year. D) Half year. Show Answer Correct Answer: A) Assessment year. 29. How does a reduction in taxes affect disposable income? A) They reduce it. B) They have no impact. C) They increase it. D) They double it. Show Answer Correct Answer: C) They increase it. 30. What is not included in the articles regulating Pot and Put Income Tax in Indonesia are: A) Income Tax article 24. B) Income Tax article 16. C) Income Tax Article 4 paragraph 2. D) Income Tax Article 22. Show Answer Correct Answer: B) Income Tax article 16. ← PreviousNext →Related QuizzesTaxation QuizzesFinance QuizzesTax Planning Quiz 1Tax Planning Quiz 2Tax Planning Quiz 4Tax Planning Quiz 5Tax Planning Quiz 6Tax Planning Quiz 7 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books