Practice Test

Q1) The rate of MAT is : Show Answer

Q2) Rate of CDT on dividend distribution is: Show Answer

Q3) Mat is applicable on: Show Answer

Q4) AMT is applicable on: Show Answer

Q5) MAT is levied under Section: Show Answer

Q6) Section _______ of the income-tax act defines ‘company’. Show Answer

Q7) A company who discontinued their business are statutorily required to intimate to the Assessing Officer within ________ days. Show Answer

Q8) All domestic companies are Indian companies while all Indian companies need not necessarily be domestic companies. Show Answer

Q9) Foreign company means a company, which, is not a _________ company. Show Answer

Q10) All non-Indian companies are not necessarily foreign companies. Show Answer

Q11) A company owned by the Government or the Reserve Bank of India is called as _________. Show Answer

Q12) The rate of MAT is: Show Answer

Q13) A Company in which the public is not substantially interested is known as a _________ company. Show Answer

Q14) Which of the following cannot be residential status of the company? Show Answer

Q15) Residential status of an Indian company, the control and management of which is wholly outside India is __________.

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Q16) Tax rate applicable to an Indian company is _______%. Show Answer

Q17) Tax rate applicable to an Indian company on long-term capital gains emanating from transfer of a long term capital asset is _______%. Show Answer

Q18) Tax rate applicable to an Indian company On short term capital gains emanating from transfer of a short term capital asset being an equity share or unit of an equity oriented fund is ________%.

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Q19) Tax rate applicable to foreign companies is _______% Show Answer

Q20) On Domestic Company Surcharge is applicable @ ______% in case total income exceeds Rs. 1 Crore. Show Answer

Q21) On Domestic Company Surcharge is applicable @ 7% in case total income exceeds _________. Show Answer

Q22) On Domestic Company Surcharge is applicable @ ______% in case total income exceeds Rs. 10 Crore.

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Q23) On Domestic Company Surcharge is applicable @ 12% in case total income exceeds _________. Show Answer

Q24) On Foreign Company Surcharge is applicable @ ______% in case total income exceeds Rs. 1 Crore. Show Answer

Q25) On Foreign Company Surcharge is applicable @ 2% in case total income exceeds _________. Show Answer

Q26) ___________ Company means an Indian company where business consists mainly in the construction of ships or in the manufacture or processing of goods or in mining or in the generation or distribution of electricity or any other form of power. Show Answer

Q27) On Foreign Company Surcharge is applicable @ ______% in case total income exceeds Rs. 10 Crore. Show Answer

Q28) On Foreign Company Surcharge is applicable @ 5% in case total income exceeds _________. Show Answer

Q29) On Domestic as well as Foreign companies Education Cess @ 2% and Secondary & Higher Education Cess @ 1% is levied on _________. Show Answer

Q30) As per section 115BA In order to provide relief to newly setup domestic companies engaged solely in the business of manufacture or production of article or thing, income-tax payable in respect of the total income of a domestic company shall be computed @ _______%

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Q31) As per the MAT, where the Income-tax payable is less than 18.5% of Book Profit, the company should pay tax at the rate of _______%. Show Answer

Q32) MAT provisions shall not apply to any income accruing or arising to a company from life _________ business. Show Answer

Q33) Where the assessee is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, MAT is applicable at ________% Show Answer

Q34) Credit of MAT in respect of excess paid under Section 115JB will be available and it can be carried forward for _________ assessment years. Show Answer

Q35) Dividend distribution tax is levied on domestic companies under section ________. Show Answer

Q36) According to Section 115-O a domestic company is liable to pay tax on the amounts distributed, declared or paid as dividend @ _______% plus surcharge and education cess & SHEC in addition to the income tax payable. Show Answer

Q37) DDT is applicable only on Final dividend and not on interim dividend. Show Answer

Q38) The amount of DDT shall be deposited within 14 days from the date of ____________ Show Answer

Q39) Where the amount of dividend paid or distributed by a company is Rs. 85 lakhs, then Dividend Distribution Tax (DDT) payable by the company would be _________. Show Answer

Q40) Where the total income of an Indian company, includes any income by way of dividends declared, distributed or paid by a specified foreign company such income shall be chargeable to tax @________%. Show Answer

Q41) Income by way of dividend in aggregate exceeding Rs. 10 lakh shall be chargeable to tax in the case of an individual, Hindu undivided family (HUF) or a firm who is resident in India, at the rate of _______%. Show Answer

Q42) Income by way of dividend in aggregate exceeding _________ shall be chargeable to tax @ 10%. Show Answer

Q43) “Book Profits” means the net profit as shown in the profit and loss account for the relevant previous year prepared under section 115JB as increased by; Show Answer

Q44) A company is said to be resident in India in any previous year, if: Show Answer

Q45) Domestic company under section 2 sub section 22A includes: Show Answer

Q46) For computing the Book Profit under section 115JB which of the following is not added back to the profits? Show Answer

Q47) Failure to pay tax on the distributed profit under section 115-O within the time attracts interest @ _____ for every month or part thereof Show Answer

Q48) MAT is applicable on: Show Answer

Q49) AMT is applicable on: Show Answer

Q50) MAT is levied under section: Show Answer

Q51) Abhishek holds 100 shares of Gold Ltd, a domestic company. He has been paid dividend of Rs 10,000 during the year 2016-17 dividend distribution tax payable under section 115-O will be- Show Answer

Q52) A limited company declared Rs 20 lakh as dividend on its paid-up capital of Rs 100 lakh the dividend distribution tax payable by it would be

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Q53) A limited company declared Rs 20 lakh as dividend on its paid-up capital of Rs 100 lakh the tax payable by the shareholders would be Show Answer

Q54) Alternate minimum tax under section 115JC is not application to: Show Answer

Q55) Tax credit in respect of MAT paid as per section 115JB will be allowed only in the prtevious year in which the tax payable on the total income at the normal rate is

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Q56) A domestic company distributed a dividend of Rs 30,00,000 to its shareholders. Out of this dividend Rs 4,00,000 paid to person on behalf of the new pension system trust and Rs 1,00,000 paid to another corporate shareholder the company also received a dividend of Rs 2,00,000 form its subsidiary which paid dividend distribution tax under section 115-O in this case, the amount of dividend subject to dividend distribution tax for the domestic company will be Show Answer

Q57) Metro Ltd, a domestic company is assessed with a total income of Rs 11.25 crore. The surcharge payable by the company shall be at the rate of Show Answer

Q58) Global Ltd, a foreign company is assessed with a total income of Rs 21.75 crore. The surcharge payable by the company shall be at the rate of

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Q59) An Indian company having 30% voting power company received dividend of Rs 10 lakh from the foreign company than dividend so received by the Indian company is-

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Q60) In order to be entitled to concessional rate of tax for dividend recived from a forign company, the Indian company should have the following minimum shareholding in such forign company Show Answer

Q61) For the previous year 2016-17, taxable income of Smart Ltd, a domestic company is Rs 10,86,920. The tax liability would be. Show Answer

Q62) For the previous year 2016-17, taxable income of Bright Ltd, a foreign company is Rs 10,86,920. The tax liability would be. Show Answer

Q63) A domestic company distributed dividend of Rs 30,00,000 out of which Rs 2,00,000 is distributed to foreign company and remaining to Indian shareholders.
Calculate the DDT payable by the company for the assessment year 2017-18.
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Q64) Dull Ltd. a domestic company earned Rs 4,00,000 by way of long term capital gain. Company does not have any other income during the year. Calculate the tax liability of the company. Show Answer

Q65) HDPC Ltd. a domestic company had net profit of Rs 5.5 crore during the previous year 2016-17. Calculate the Tax liability of the company for the assessment year 2017-18. Show Answer

Q66) HDPC Ltd. a domestic company had net profit of Rs 55 crore during the previous year 2016-17. Calculate the Tax liability of the company for the assessment year 2017-18. Show Answer