This quiz works best with JavaScript enabled. Home > Taxation > Tax Planning > Tax Planning – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Tax Planning Quiz 5 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. 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. 3. 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. 4. 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. 5. 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. 6. Gains qualifying for investors' relief are taxed at ..... A) 20%. B) 18%. C) 10%. D) 28%. Show Answer Correct Answer: C) 10%. 7. 3-Tonnage tax system is exclusively intended to ..... A) Joint stock Companies. B) Partnership firms. C) Shipping Companies. D) IT Companies. Show Answer Correct Answer: C) Shipping Companies. 8. 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 these costs in providing honoraria or compensation to third parties. B) Reclassify to benefits. C) Reclassify to bonus. D) Reclassify to additional salary. Show Answer Correct Answer: A) Reclassify these costs in providing honoraria or compensation to third parties. 9. ..... 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) Financial year. B) Previous year. C) Assessment year. D) Half year. Show Answer Correct Answer: C) Assessment year. 10. How does a reduction in taxes affect disposable income? A) They increase it. B) They reduce it. C) They have no impact. D) They double it. Show Answer Correct Answer: A) They increase it. 11. What is not included in the articles regulating Pot and Put Income Tax in Indonesia are: A) Income Tax Article 4 paragraph 2. B) Income Tax article 16. C) Income Tax Article 22. D) Income Tax article 24. Show Answer Correct Answer: B) Income Tax article 16. 12. If ..... receive to Government employee then only exemption is allowed. A) Daily allowance. B) Conveyance allowance. C) Entertainment allowance. D) None of the above. Show Answer Correct Answer: C) Entertainment allowance. 13. ..... is known as white collar crime. A) Tax evasion. B) Tax management. C) Tax management. D) Tax avoidance. Show Answer Correct Answer: A) Tax evasion. 14. What the types of income are subjects to progressive tax rates? A) Employment income. B) Self-employment income. C) Investment income. D) Other income. Show Answer Correct Answer: B) Self-employment income. 15. U/s 44AB the audit of accounts is compulsory if total sales exceed: A) 50 lakhs. B) 70 lakhs. C) 80 lakhs. D) One crore. Show Answer Correct Answer: D) One crore. 16. Tax planning aim ofPractice A) Hedging of tax. B) Concealment of tax. C) Saving of tax. D) None of the above. Show Answer Correct Answer: C) Saving of tax. 17. Donation is deductible u/s ..... A) 80 C. B) 80D. C) 80 E. D) 80 G. Show Answer Correct Answer: D) 80 G. 18. What is the impact of taxes on cash flow? A) They increase cash flow. B) They have no impact. C) They reduce cash flow. D) They double cash flow. Show Answer Correct Answer: B) They have no impact. 19. Bambang Eko is an employee at the PT Candra Kirana company, married without children, earning a month's salary of IDR 8, 000, 000.00. PT Candra Kirana participates in the BPJS Employment program, Work Accident Insurance premiums and Death Insurance premiums are paid by the employer at 0.50% and 0.30% of salary respectively. PT Candra Kirana covers monthly Old Age Security contributions of 3.70% of salary while Bambang Eko pays Old Age Security contributions of 2.00% of monthly salary. Apart from that, PT Candra Kirana also participates in a pension program for its employees. PT Candra Kirana pays pension contributions for Bambang Eko to a pension fund, the establishment of which has been approved by the Minister of Finance, every month in the amount of Rp. 200, 000.00, while Bambang Eko pays pension contributions of Rp. 100, 000.00. The amount of Income Tax Article 21 per month Gross Up? A) 157.000. B) 142.000. C) 147.000. D) 162.000. Show Answer Correct Answer: C) 147.000. 20. An ..... means a natural human being. It includes a male, a female, minor or major and a lunatic. A) Firm. B) Association of person. C) Individual. D) All the above. Show Answer Correct Answer: C) Individual. ← PreviousNext →Related QuizzesTaxation QuizzesTax Planning Quiz 1Tax Planning Quiz 2Tax Planning Quiz 3Tax Planning Quiz 4Tax Planning Quiz 6Tax Planning Quiz 7Tax Planning Quiz 8Tax Planning Quiz 9Tax Planning Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books