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Advanced Wealth Management Course (IIBF) - Paper 1
Part II: Ch 7: Taxation Part 1
Q1.
Total tax revenue as a percentage of GDP, during the 2007-08 fiscal year, was __________.
Q2.
Structures commonly used to hold investments are:
Q3.
The domestic law provides for TDS on ‘dividends from units of mutual funds’ is:
Q4.
The domestic law provides for TDS on ‘winning from horse races and lotteries’ is:
Q5.
Mutual fund schemes are essentially ‘pass through’ in nature.
Q6.
The Income-tax Act for property has specified deductions at __________ by way of standard deduction.
Q7.
The domestic law provides for TDS on ‘insurance commission’ is:
Q8.
Which category of taxpayer/s is subject to tax in India on income received or accrued in India or income derived from business controlled or a profession set up in India?
Q9.
An individual is resident in India if: ‘he is in India in the relevant previous year for 180 days or more’.
Q10.
A taxpayer received Rs.4, 61,500 in 2010-11 including Rs. 25,000 exempt income, and Rs. 4, 36,500 incomes from other sources. The taxpayer incurred Rs. 14,000 deductible expenses. What is the gross tax payable? (Hint: Tax on Rs.1,60,000)
Q11.
What is the tax payable for previous year 2010-11 on a taxable income of Rs. 3, 00,000? What is the average rate of tax? What is the marginal rate of tax? (Hint: tax on Rs. 1, 60,000)
Q12.
The average tax rate is the rate of tax paid as a proportion of total taxable income.
Q13.
(I) Exempt incomes are specified under sections 10, 10A and 10B of the Act. (II) Any capital receipt from LIC or another insurance company (other than a key Man Insurance Policy) is treated as ‘exempted income’.
Q14.
Section 80CCD – A deduction is allowed in respect of medical insurance premiums paid by assesses who are individuals or HUFs.
Q15.
A domestic company is to pay a surcharge of _______ apart from normal income tax if total incomes exceed Rs. 1, 00, 00,000.
Q16.
If on completion of the assessment any further tax is payable, such tax needs to be paid within ________ days.
Q17.
Corporate taxpayers have to pay advance tax in _______ installments and other taxpayers in ________ installments.
Q18.
The domestic law provides for TDS on dividends from shares is:

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