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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.
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, sentences of a paragraph have been jumbled and labelled as A, B, C, and D. You are required to rearrange the jumbled sentences of the paragraph and mark your response accordingly by selecting the correct option. A: Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. B: It is calculated by dividing the area's total income by its total population. C: Per capita income is national income divided by population size.  D: Per capita income is often used to measure a sector's average income and compare the wealth of different populations.
The income of A is 115% of the income of B and the income of C is 100% of the income of A. If the total income of A, B, and C together is Rs. 59400, what is C’s 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:
In the following question below are given three statements followed by three conclusions. Taking the given statements to be true even if they seem to be at variance from commonly known facts, read all the conclusions and then decide which of the given conclusion logically follows the given statements. Statements: I. All Key are Lock. II. No Lock is Mat. III. All Mat are Glass. Conclusions: I. Some Glass being a Lock is a possibility. II. Some Glass are Key. III. No Key is Mat.
The following question has two statements. Study the question and the statements and decide which of the statement(s) is necessary to answer the question. While purchasing a mat, if salesman gives a discount of x% on the marked price, he will get profit of 2x% on CP. Determine whether his profit is more than 40%? I) The marked price of mat is more than 1.8 times its CP. II) MP of mat is more than 1.7 times its CP.
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?
There are five friends I, J, K, L and M. K's income is more than L's income but lesser than M's income. J's income is the least. I's income is lesser than K's income. Whose income is the maximum?
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: