AMF206 - Corporate sTax Planning

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AMF206

Semester End Examination July 2016

Exam Date: 7/18/2016

MFM (2nd Semester)

AMF206 - Corporate Tax Planning

1. Section A:

“Case Study

” Total 5 Questions, each question carries 4 marks.

2. Section B: Total 50 Questions, each question carries 1 mark.

3. All questions are compulsory.

4. There is no negative marking for wrong answers.

Section A: CASE STUDY

(each question carries 4 marks)

Kwality Electronics Ltd. Furnishes you the following information for the assessment year 2013-14,2014-15 & 2015-16 for advice as regards set off and carry forward of losses:-

2013-14 2014-15 2015-16 Interest on debentures 20000 25000 15000

Dividend from Indian company 18000 45000 25000

(gross)

Income from house property 20000 20000 20000

(computed)

Profits or losses from business 10000 30000 23000

before depreciation -

Depreciation 8000 10000 14000

Profits or losses on sale of securities 9000 15000 10000

(long term)

Speculation profits or losses 50000 25000 15000

You are required to compute:

Ques : 1 Gross total income of the company for the assessment year 2015-16:- Option A Rs. 4000

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Option C Rs. 5000

Option D Rs. 6500

Ques : 2 Gross total income of the company for the assessment year 2014-15:- Option A Rs. 60000

Option B Rs. 55000

Option C Rs. 65000

Option D Rs. 75000

Ques : 3 Gross total income of the company for the assessment year 2013-14:- Option A Rs. 81000

Option B Rs. 80000

Option C Rs. 79000

Option D Rs. 86000

Ques : 4 Amount chargeable to tax under the head income from other sources in the A.Y. 2013-14 will be:- Option A Rs. 2000

Option B Rs. 20000

Option C Rs. 17000

Option D Rs. 24000

Ques : 5 Amount chargeable to tax under the head income from other sources in the A.Y. 2014-15 will be:- Option A Rs. 20000

Option B Rs. 20000

Option C Rs. 25000

Option D Rs. 24500

Section B

(each question carries 1 mark)

Ques : 6 Find from the following persons, who are liable to wealth tax:- Option A Individual

Option B H.U.F.

Option C Company

Option D All of the above

Ques : 7 Wealth tax is payable by:- Option A an Indian company

Option B a domestic company

Option C any company

Option D all of the above

Ques : 8 Wealth tax is payable if the net worth of the assesse:- Option A exceeds Rs. 250000

Option B is Rs. 3000000 or more

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Option D Exceeds Rs. 5000000

Ques : 9 A firm is:-

Option A not liable to wealth tax

Option B liable to wealth tax

Option C not liable to wealth tax but partner’s share in the value of the firm shall be included in the net wealth of the partner

Option D liable to VAT only

Ques : 10 One house shall be exempt u/s 5(vi) if it is:- Option A residential house

Option B residential house which is self-occupied

Option C residential or commercial

Option D commercial house

Ques : 11 One house shall be exempt u/s 5 (vi) in case of:- Option A individual assesse only

Option B any assesse

Option C individual or HUF

Option D individual and HUF

Ques : 12 Asset held by a minor child is included to the net wealth of:- Option A father

Option B mother

Option C father or mother whose net wealth before such clubbing is greater

Option D father or mother whose net wealth before such clubbing is less

Ques : 13 The due date for furnishing the return of wealth shall be:- Option A 30th June of the assessment year

Option B the date as mentioned u/s 139(1) of the income tax Act

Option C 31 October of the assessment year

Option D 31 December of the assessment year

Ques : 14 Net wealth of the assesse is to be computed as on:- Option A 31st March preceding the relevant assessment year

Option B first moment of 31st March preceding the relevant assessment year

Option C as on last moment of 31st March preceding the relevant assessment year

Option D None of the above

Ques : 15 In case an individual is a foreign national but resident and ordinarily resident in India, the net wealth shall:-

Option A include assets wherever located whether in India or outside

Option B include assets which are located in India

Option C not include any assets

Option D none of the above

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Option A Whole of India

Option B Whole of India except Jammu & Kashmir

Option C Whole of India except Sikkim

Option D Whole if India except Jammu & Kashmir and Sikkim

Ques : 17 The circulars issued by CBDT are binding upon:- Option A Assesse

Option B Income-tax authorities

Option C Income-tax law

Option D Both the above

Ques : 18 A.O.P. should consist of:- Option A Individuals only

Option B Persons other than individuals only

Option C Both above

Option D None of the above

Ques : 19 Part II of Schedule I of the Finance Act, 2010 has given the rates of tax deductible at source for the financial year:-

Option A 2009-10

Option B 2010-11

Option C 2011-12

Option D 2012-13

Ques : 20 Income tax is rounded off to:- Option A Nearest ten rupee

Option B Nearest one rupee

Option C No rounding off of tax is done

Option D Nearest to hundred rupee

Ques : 21 Residential status is to be determined for:- Option A Previous year

Option B Assessment year

Option C Accounting year

Option D Current year

Ques : 22 Total income of a person is determined on the basis of his:- Option A Residential status in India

Option B Citizenship in India

Option C None of the above

Option D All of the above

Ques : 23 Income deemed to accrue or arise in India is taxable in case of:- Option A Resident only

Option B Both resident and not ordinarily resident

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Option D All the assesses

Ques : 24 Income which accrue or arise outside India and also received outside India is taxable in case of:- Option A Residents only

Option B Not ordinarily resident

Option C Both resident and not ordinarily resident

Option D None of the above

Ques : 25 Dividend payable by an Indian company outside India is:- Option A Taxable in India in the hands of the recipient

Option B Exempt in the hands of recipient

Option C Taxable in the hands of the company and exempt in the hands of the recipient

Option D None of the above

Ques : 26 Service tax was introduced in India in the year:- Option A 1993

Option B 1995

Option C 2004

Option D 1994

Ques : 27 Service tax was introduced first time on:- Option A 5 services

Option B 3 services

Option C 4 services

Option D 7 services

Ques : 28 Service tax was initially levied in India by the Constitution vide entry no.:- Option A 92C of the union list

Option B 54 of the service list

Option C 92C of the concurrent list

Option D 97 of the Union list

Ques : 29 The power to levy service tax is now provided by the Constitution vide entry no:- Option A 92C of the Union list

Option B 97 of the Union list

Option C 54 of the state list

Option D 93 of the union list

Ques : 30 The provisions relating service tax are given in:- Option A Chapter V of the Finance Act, 1994

Option B Chapter V and VA if the Finance Act, 1994

Option C Chapter VII and VIII of the Finance Act, 2004

Option D The service tax Act, 1994

Ques : 31 Service tax is payable on the value of taxable services @:- Option A 0.12

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Option B 0.1224

Option C 0.1236

Option D 0.103

Ques : 32 Service tax is charged on:- Option A Taxable service provided

Option B Taxable service to be provided

Option C Taxable services provided or to be provided

Option D Any service provided or to be provided

Ques : 33 Education cess was levied on:- Option A The finance Act, 1994

Option B The Finance No. (2) Act, 2004

Option C The Finance Act, 2006

Option D The Finance Act, 2005

Ques : 34 Tax is levied under VAT at:- Option A Last stage of sale

Option B Multistage

Option C First stage of sale

Option D First and last stage of sale

Ques : 35 VAT is calculated by deducting tax credit from tax collected:- Option A During the payment period

Option B During the financial year

Option C During any period

Option D During current year

Ques : 36 Loss from specified business referred in section 35AD can be carried forward:- Option A For 8 years

Option B For 4 years

Option C Indefinitely

Option D For 5 years

Ques : 37 Loss on account of owing & maintaining the race horse can be carried forward:- Option A For 8 years

Option B For 4 years

Option C Indefinitely

Option D For 6 years

Ques : 38 Loss from derivative trading in shares can be carried forward for:- Option A 8 years

Option B 10 years

Option C 4 years

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Ques : 39 Loss under the head house property:- Option A Can be carried forward for 8 years

Option B Cannot be carried forward

Option C Can be carried forward for only 4 years

Option D Can be carried forward for only 3 years

Ques : 40 Speculation loss can be carried forward for the maximum of:- Option A 8 years

Option B 10 years

Option C 4 years

Option D 3 years

Ques : 41 Long term capital loss can be set off in the same assessment year only from:- Option A Long term capital gain

Option B Long term capital loss

Option C Short term capital loss

Option D Short term capital gain

Ques : 42 Deduction u/s 80C, in respect of LIP, contribution to PF etc. is allowed to:- Option A Any assesse

Option B Individual assesse only

Option C Individual or HUF

Option D Individual or HUF who is resident in India

Ques : 43 Deduction u/s 80C, is allowed to the maximum of:- Option A Rs. 70000

Option B Rs. 100000

Option C Rs. 140000

Option D Rs. 200000

Ques : 44 Deduction under section 80C for tuition fee shall be allowed for the purposes of:- Option A Any full time education

Option B Any full or part time education

Option C Full time education in a college

Option D Full time education in a college

Ques : 45 Deduction under section 80C in respect of tuition fee is allowed to:- Option A Any individual only

Option B An individual or HUF

Option C Any assesse

Option D None of the above

Ques : 46 Finance bill becomes the Finance Act when it is passed by:- Option A The Lok Sabha

Option B The Lok Sabha & Rajya Sabha

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Option D Both the Houses of Parliament and given the assent of the Prime Minister

Ques : 47 The Circulars issued by CBDT are binding on:- Option A Assesse

Option B Income tax authorities

Option C Both the above

Option D none of the above

Ques : 48 A.O.P consists of:- Option A Individuals only

Option B Persons other than individuals only

Option C Both the above

Option D Company

Ques : 49 Surcharge on income tax is payable by:- Option A All assesses except a foreign company

Option B Individual and HUF only

Option C A company, domestic or foreign

Option D All assesses except local authorities or cooperative society

Ques : 50 Education cess is leviable on:- Option A Income tax

Option B Income tax + surcharge if applicable

Option C Surcharge

Option D Surcharge + tax

Ques : 51 Education cess is leviable @ :- Option A 0.02

Option B 0.05

Option C 0.03

Option D 0.07

Ques : 52 Education cess is liable in case of:- Option A an individual ease only

Option B an individual and HUF

Option C a company assesse only

Option D all assesses

Ques : 53 SHEC is liable @:- Option A 0.02

Option B 0.03

Option C 0.01

Option D 0.05

Ques : 54 SHEC is liable in case of:- Option A an individual assesse only

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Option B individual and HUF

Option C all assesses

Option D all assesses other than cooperative society or local authority

Ques : 55 R was born in England, his parents were born in India in 1951. His grandparents were born in South Africa. R shall be:-

Option A a person of Indian origin

Option B a foreign national

Option C none of the above

Figure

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References

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