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Guide for Indirect Tax Laws Compliances

Quiz Indirect Tax Laws Compliances

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/ 10

Quiz

1/10
Transfer Pricing
Which of the following methods is considered the most reliable for determining the arm's length price in transfer pricing under the Income Tax Act, 1961?
Select the answer
1 correct answer
A.
Comparable Uncontrolled Price Method (CUP)
B.
Resale Price Method
C.
Cost Plus Method
D.
Profit Split Method

Quiz

2/10
Wealth Tax and Estate Planning
Which of the following assets are included in the net wealth for Wealth Tax purposes under Indian Wealth Tax Act, 1957?
Select the answer
1 correct answer
A.
Residential house owned by the individual
B.
Shares and securities held by the individual
C.
Carrying value of self-occupied house
D.
Amounts due from any other person

Quiz

3/10
Tax Treaties and Double Taxation Avoidance Agreements
Which of the following is the primary purpose of Double Taxation Avoidance Agreements (DTAAs)?
Select the answer
1 correct answer
A.
To prevent the same income from being taxed twice in two different countries
B.
To increase tax rates between contracting countries
C.
To allow countries to share taxpayer information without restrictions
D.
To permit unlimited foreign investment without taxation

Quiz

4/10
Litigation and Dispute Resolution in Taxation
Which of the following is the primary forum for resolving disputes related to direct taxes in India?
Select the answer
1 correct answer
A.
Income Tax Appellate Tribunal (ITAT)
B.
Civil Court
C.
High Court
D.
Supreme Court

Quiz

5/10
Ethics in Tax Practice
Which of the following best describes the primary ethical responsibility of a tax practitioner when handling a client's tax matters?
Select the answer
1 correct answer
A.
Maintaining client confidentiality and avoiding conflicts of interest
B.
Maximizing tax savings by any means necessary
C.
Disclosing all client information to tax authorities without consent
D.
Encouraging aggressive tax planning regardless of legality

Quiz

6/10
Tax Technology and Digitalization
Which of the following technologies has significantly improved the efficiency of tax compliance through automation and real-time data processing?
Select the answer
1 correct answer
A.
Artificial Intelligence (AI)
B.
Blockchain Technology
C.
Robotic Process Automation (RPA)
D.
Cloud Computing

Quiz

7/10
Income Tax Laws and Regulations
Under the Income Tax Act, 1961, which of the following expenses is not allowed as a deduction while computing taxable income under the head 'Profits and Gains of Business or Profession'?
Select the answer
1 correct answer
A.
Interest on borrowed capital for business purposes
B.
Capital expenditure for acquiring fixed assets
C.
Rent paid for business premises
D.
Salaries paid to employees

Quiz

8/10
Goods and Services Tax (GST)
Under GST, what is the time limit for issuing a tax invoice for the supply of goods?
Select the answer
1 correct answer
A.
Before or at the time of removal of goods for supply
B.
Within 30 days from the date of supply
C.
Within 60 days from the date of supply
D.
Before or at the time of receipt of payment

Quiz

9/10
Tax Planning and Management
Which of the following is the most effective method of tax planning for a business to legally minimize its tax liability?
Select the answer
1 correct answer
A.
Investing in tax-saving instruments under Section 80C
B.
Delaying income recognition to the next financial year
C.
Claiming eligible deductions and exemptions as per the Income Tax Act
D.
Under-reporting income to reduce taxable income

Quiz

10/10
Corporate Taxation
What is the maximum rate of corporate tax applicable to domestic companies in India for the financial year 2023-24 without any special concessional scheme?
Select the answer
1 correct answer
A.
22%
B.
30%
C.
25%
D.
15%
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  • Quiz name:Indirect Tax Laws Compliances
  • Total number of questions:502
  • Number of questions for the test:50
  • Pass score:80%

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