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Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Which of the following are required to be studied for a deep understanding of Income Tax procedures? A. The Income Tax Act, 1961 B. The Income Tax Rules, 1962 C. Notifications, circulars and classification issued from time to time by the CBDT. D. Judicial decisions E. Companies Act, 2013 Choose the correct answer from the options given below:
A group of 74 students of Class XI went on picnic. The number of students who went on picnic by each section is as follows: Section A = 15 Section B = 24 Section C = 15 Section D = 20 5 students from Section A spent as much as 4 students from Section B. 12 Section B students spent as much as 9 Section C students and 6 Section C students spent as much as 8 Section D student. If every student of a particular section spent the same amount and all the students spent Rs. 23,370 altogether, find the amount spent by each student of Section D?
Under Section 10(26) of the Income Tax Act, which of the following category of people are exempted from income tax?
Income up to Rs. 5,00,000 is tax-free. Up to Rs. 10,00,000, income above Rs. 5,00,000 is taxed at 10% and if the income exceeds Rs. 10,00,000, the tax rate is 20% for income above Rs. 10,00,000. If the income of X is Rs. 15,00,000, then what percentage of his income will be paid as tax?
In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market
Which of the following statements with regard to the Mediterranean agriculture is/are correct? 1. The Mediterranean agriculture is highly specialized commercial agriculture. 2. It is intensive subsistence agriculture dominated by wet paddy cultivation. 3. It is primitive subsistence agriculture. 4. Viticulture is a speciality of the Mediterranean region. Select the correct answer using the code given below.
Which of the following statements with regard to the Mediterraneam agriculture is/are correct? 1.The Mediterranean agriculture is highly specialized commercial agriculture. 2.It is intensive subsistence agriculture dominated by wet paddy cultivation. 3.It is a primitive subsistence agriculture.4.Viticulture is a speciality of the Mediterranean region. Select the correct answer using the code given below.
Under which Section of Income tax Act, 1961 'Income of other persons included in Assessee's total income'
Given below are two statements: Statement I : Deferred Tax Liabilities (Net) is the amount of tax on the temporary difference between the accounting income and taxable income. It arises when the accounting income is more than the taxable income. Statement II : Deferred Tax Liabilities (Net) and Deferred Tax Assets (Net) are only book entries i.e. they are neither actual liability nor actual asset. In the light of the above statements, choose the correct answer from the options given below: