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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:
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
The number of persons who read magazine X only is thrice the number of persons who read magazine Y. The number of persons who read magazine Y only is thrice the number of persons who read magazine X. Then, which of the following conclusions can be drawn? i. The number of persons who read both the magazines is twice the number of persons who read only magazine X. ii. The total number of persons who read either one magazine or both the magazines is twice the number of persons who read both the magazines. Select the correct answer using the code given below:
Agriculture income is exempted from income tax under the following section of Income Tax Act, 1961
In the following question, sentences of a paragraph have been jumbled and labeled as A, B, C, and D. You are required to rearrange the jumbled sentences in the right order to form a meaningful and coherent paragraph and mark your response accordingly by selecting the correct option. A. The sellers usually add the tax expense into their costs, and the price the customers pay is inclusive of GST. B. The concept of GST is that it is an “Indirect Tax”, ie, this tax is not directly paid by customers to the government, but is rather levied on the manufacturer or seller goods and the providers of services. C. GST, or Goods and Services Tax, is a tax that customers have to bear when they buy any goods or services, such as food, clothes, electronics, items of daily needs, transportation, travel, etc. D. Thus, in most cases, you end up paying a tax even if you are not an income taxpayer.
Read the given information and answer the question asked by choosing the most appropriate option. In a group, 17 persons likes Veg Biryani, 27 persons likes Chicken Biryani and 19 persons likes Saahi Paneer. Among them, 6 persons likes both Saahi Paneer and Veg Biryani, 3 persons likes both Chicken Biryani and Veg Biryani, 3 persons likes both Saahi Paneer and Chicken Biryani and 4 persons likes all the three food items. How many persons likes only one food item?
Read the given information and answer the question asked by choosing the most appropriate option. In a group, 54 persons likes Physics, 47 persons likes Mathematics and 71 persons likes Chemistry. Among them, 12 persons likes only Physics and Chemistry, 23 persons likes only Mathematics and Chemistry, 11 persons likes only Physics and Mathematics and 10 persons likes all the three subjects. How many persons likes one subject only?
The following sentences form a paragraph. They are numbered a P, Q, R and S. These four parts are not given in their proper order. Read the sentences and choose the alternative that arranges them in a correct order. P. Also, the customers will have funds to spend because of lower tax rates.  Q. The Goods and Services Tax (GST) is an indirect tax which entails that the tax is approved till the last stage where it is the purchaser of the goods and services who bears the tax. R. It will substitute most other indirect taxes and synchronize the differential tax rates on mass-produced goods and services. S. The government of India claims that GST will enhance Indian GDP by 2%.
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?