Practice Taxation Related Questions and Answers

• The threshold limit for tax audit for business entities under section 44AB has been proposed to change to how much amount for those assessees, where amount...
• The kind of debts which are needed to be repaid in a short term is known as?
• GAAP stands for:
• Cash withdrawn by the proprietor from the business for his personal use’ causes
• The total of the discount column on the debit side of a cashbook is posted to the:
• Taxable person means a person who is 
• A way by which the companies raise capital without going to the public is known as __________________
• _________________ is a brief summary of a prospectus filed before the registrar and contains all the salient features of a prospectus
• When is a prospectus called a Red-herring prospectus?
• Preference shareholders can vote on all the resolutions placed before the company if________________
• First Auditor of a company is appointed by the ________________________
• The remuneration of the auditor of a company shall be ________________________
• What is the maximum limit to the number of members in a private company?
• Under which section of the Income Tax Act, 1961, are the provisions related to TDS on salary mentioned?
• Under which section of the Income Tax Act, 1961, are the provisions related to TDS on interest other than interest on securities mentioned?
• Which of the following forms are used for applicable for registration?
• The books of account of every company relating to a period of __________________ immediately preceding a financial year together with the vouchers relevant...
• Health and Education Cess is leviable at –
• An example of Casual Income is
• Residential Status of a Person is determined for
• Salary received by the Partner of a Firm is charged under the head
• Salary paid to MLAs and MPs are charged under the head
• Schedule II in the context of Goods and Service Tax deals with?
• Which of the following inventory methods would reduce tax liability during inflationary period?
• A taxpayer may file an updated return for FY2023-24 till what date?
• A registered dealer sells goods worth ₹5,00,000 with GST @18%. He has input tax credit (ITC) of ₹70,000. What is his net GST payable in cash?
• A company earns ₹15 lakh net profit before tax. It donates ₹1 lakh to PM CARES Fund and claims depreciation of ₹2 lakh. What is taxable income under ...
• A trader crosses the threshold limit for GST registration in June. He registers on July 10. He raises a taxable invoice on July 5. Is GST applicable?
• A dealer supplies goods worth ₹1 lakh within state and charges GST. Which taxes will apply, and who will collect them?
• Mr. Raj, a salaried employee, earns ₹12 lakh salary and ₹1.5 lakh interest income. He claims ₹1.5 lakh under Section 80C and ₹50,000 under Section ...
• A registered dealer purchased inputs worth ₹1 lakh + GST @18% and sold goods for ₹1.5 lakh + GST @18%. What is the net GST payable?
• A domestic company reports ₹2 crore as book profit. As per section 115JB, if its normal tax liability is ₹12 lakh, what is the Minimum Alternate Tax (M...
• Mr. A transfers fixed deposit of ₹5 lakh to his wife without consideration. Interest of ₹50,000 is earned in her name. How will it be taxed?
• A company incurs a loss of ₹5 lakhs in the current financial year. As per Income Tax Act, how is this treated?
• A company avails ITC (Input Tax Credit) on office furniture purchase. Later, GST auditor disallows it. Is he right to do so, support your answer with relev...
• A company receives rent of ₹6 lakh in FY2024–25. It has to deduct TDS under which section?
• An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?
• A salaried employee earns ₹18 lakhs annually. In FY 2024–25, she contributes ₹1.5 lakh to PPF, ₹50,000 to NPS (u/s 80CCD(1B)), and pays ₹2 lakh a...
• Mr. Raj, a salaried individual, claims HRA, standard deduction, and 80C deductions under the old regime. He is considering switching to the new tax regime ...
• An employee receives gratuity of ₹12 lakhs on retirement. What is the maximum tax-exempt amount under the Income Tax Act?