Income Tax And Corporate Tax - Study Mode
[#576] An exercise undertaken to minimise tax liability through the best use of all available allowances, deductions, exclusions, exemptions etc to reduce income tax liability is known as
Correct Answer
(B) tax planning
[#577] Which of the following alpha numeric number that is issued by Income Tax Department applies in case of Tax Deduction Account Number or Tax Collection Account Number (TAN)?
Correct Answer
(B) 10-digit
[#578] Which of the following statements apply in case of depreciation? (1) Depreciation is applied as per written down value of each block of asset. (2) Depreciation is applied in case of tangible assets (buildings, machinery, plant or furniture) and Intangible Assets (know-how, patents, copyrights, trademarks, licenses, franchises, or any other business or commercial rights of similar nature). (3) If the asset is acquired and put to use for less than 180 days during the previous year, the deduction shall be restricted to 50% of depreciation computed above. (4) Additional depreciation shall be allowed at 20% of actual cost of certain new plant and machinery.
Correct Answer
(A) 1, 2, 3 and 4
[#579] Which of the statement/s is/are true in context of methods of depreciation?
Correct Answer
(C) Both A and B
[#580] Rectification of mistake is covered under Section
Correct Answer
(B) 154