This quiz works best with JavaScript enabled. Home > Taxation > Tax Planning > Tax Planning – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Tax Planning Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Land and buildings transaction tax does not apply to first time buyers. A) True. B) False. Show Answer Correct Answer: B) False. 2. John is self-employed and uses his car for work. For John to claim a deduction based on the miles he drives his car, what must he do?I. Use his car only for workII. Keep a written log showing the date, mileage, location, and purpose of each tripIII. Keep track of all gas, repair, maintenance, and other expenses A) I only. B) II only. C) III only. D) I and III only. Show Answer Correct Answer: B) II only. 3. Interest on Statutory Provident Fund is ..... exempt. A) 9.5%. B) 12%. C) Fully. D) Partly. Show Answer Correct Answer: C) Fully. 4. What is the purpose of tax rebates? A) To increase tax payable. B) To have no impact on tax payable. C) To decrease tax payable. D) To double tax payable. Show Answer Correct Answer: C) To decrease tax payable. 5. 7-When an undertaking is sold without considering the individual values of the assets or liabilities is called A) Amalgamation. B) Slump sale. C) Demerger. D) Internal Reconstruction. Show Answer Correct Answer: B) Slump sale. 6. Vario Beny is Vario the year of release? A) 2015. B) 2014. C) 2016. D) 2017. Show Answer Correct Answer: A) 2015. 7. The work of supervising Benny's seal objects, regulated in? A) SE-38/Pj.2013. B) SE-38/Pj.2015. C) SE-38/Pj.2014. D) SE-38/Pj.2016. Show Answer Correct Answer: A) SE-38/Pj.2013. 8. ....is a form of corporate restructuring in which the entity's business operations are segregated into one or more components A) Amalgamation. B) Demerger. C) Internal Reconstruction. D) Slump Sale. Show Answer Correct Answer: B) Demerger. 9. Unethical tax planning is also known as A) Tax management. B) Tax avoidance. C) Tax planning. D) Tax evasion. Show Answer Correct Answer: B) Tax avoidance. 10. ..... is total exempted because Constitution of India does not give any power to charge tax on agricultural income. A) Salary. B) Education allowance. C) Agricultural income. D) None of the above. Show Answer Correct Answer: C) Agricultural income. 11. Mr. Edo's child's name A) There isn't any. B) There isn't any yet. C) Almost there. D) Ever existed. Show Answer Correct Answer: A) There isn't any. 12. How much does the Miradi boutique shop rent a year? A) 1 billion. B) Hundreds of millions. C) Tens of millions. D) I don't know if I'm too lazy to buy a truck. Show Answer Correct Answer: A) 1 billion. 13. What is the amount of PTKP for female employees? A) For married female employees, the amount of PTKP for herself. B) For married female employees, the amount of PTKP for themselves plus dependents. C) For unmarried female employees, the amount of PTKP for herself. D) For married female employees, the amount of PTKP for herself and her husband who also works. Show Answer Correct Answer: A) For married female employees, the amount of PTKP for herself. 14. Income distributed by a fund other than a money market mutual fund or a liquid fund to an individual or HUF is subject to CDT at the rate of A) 12.5% + Surcharge 10% + 4 % HEC. B) 15% + Surcharge 10% + 4 % HEC. C) 20% + Surcharge 10% + 4 % HEC. D) 25% + Surcharge 10% + 4 % HEC. Show Answer Correct Answer: A) 12.5% + Surcharge 10% + 4 % HEC. 15. 4-If the tax liability of a company is less than 15 % of its book profits, the company is liable to pay MAT at the rate of ..... A) 15% of books profits plus Surcharge) if any) plus 4% HEC. B) 16% of books profits plus Surcharge)if any) plus 4% HEC. C) 16.5% of books profits plus Surcharge)if any) plus 4% HEC. D) 18.5% of books profits plus Surcharge(if any) plus 4% HEC. Show Answer Correct Answer: A) 15% of books profits plus Surcharge) if any) plus 4% HEC. 16. With proper tax planning new business can get advantages of tax A) Exemptions. B) Deductions. C) The rope. D) All the above. Show Answer Correct Answer: D) All the above. 17. 6-Which among the following is not available to companies? A) 80 IB. B) 80 C. C) 80 G. D) None of these. Show Answer Correct Answer: B) 80 C. 18. Additional Dwelling supplement is charged at ..... % A) 3%. B) 4%. C) 5%. D) 6%. Show Answer Correct Answer: D) 6%. 19. In the Equalization of Body PPh SPT with VAT Time SPT, if the Turnover is greater than the VAT DPP, then the production of FP is done on..... A) A Tax Invoice is created when the sales money is received. B) A Tax Invoice is created when the sale is recognized. C) Tax Invoices are generated at the end of the following month. D) Tax Invoice is not created at all. Show Answer Correct Answer: C) Tax Invoices are generated at the end of the following month. 20. Jane bought an asset in March 2016 at a cost of £ 37, 000. Jane decided to transfer the asset to her husband, Colin in July 2021. The asset was valued at £ 52, 000 at that date.Colin then sold the asset for £ 93, 000 to a third party in September 2023. What is Colin's chargeable gain on the asset when he sold it in September 2023? A) £ 41, 000. B) £ 93, 000. C) £ nil. D) £ 56, 000. Show Answer Correct Answer: D) £ 56, 000. ← PreviousNext →Related QuizzesTaxation QuizzesTax Planning Quiz 1Tax Planning Quiz 2Tax Planning Quiz 3Tax Planning Quiz 4Tax Planning Quiz 5Tax Planning Quiz 6Tax Planning Quiz 8Tax Planning Quiz 9Tax Planning Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books