Tax Laws MCQ on Assessment of Companies | Tax Laws MCQs for CS Executive and Other Competitive Exams

Tax Laws MCQ on Assessment of Companies: Check the below Tax Laws MCQ on Assessment of Companies with Answers Pdf free download. Tax Laws MCQ on Assessment of Companies Questions for Tax Laws with Answers were prepared based on the latest exam pattern. We have provided Tax Laws MCQ on Assessment of Companies with Answers to help students understand the concept very well. Students should practice CS Executive Tax Laws MCQ on Assessment of Companies with Answers based on the latest syllabus.

Tax Laws MCQ on Assessment of Companies


1. Provisions of Section 115JC are not at all applicable to
(A) LLPs
(B) Companies
(C) Partnership firms
(D) Individuals

View Answer

(B) Companies


2. In order to be entitled to concessional rate of tax for dividend received from a foreign company, the Indian company should have the following minimum shareholding in such foreign company
(A) 10%
(B) 25%
(C) 26%
(D) 51%

View Answer

(C) 26%


3. MAT credit in respect of excess taxes paid u/s 115JB can be carried forward for
(A) 7 Assessment years
(B) 10 Financial years
(C) 15 Assessment years
(D) 7 Financial years

View Answer

(C) 15 Assessment years


4. Tax credit in respect of MAT paid as per Section 115IB will be allowed only in the previous year in which the tax payable on the total income at the normal rate is
(A) More than the tax payable under section 115JB
(B) Less than the tax payable under section 115JB
(C) Equal to the tax payable under section 115JB
(D) All of the above

View Answer

(A) More than the tax payable under section 115JB


5. Alternate minimum tax u/s 115JC is not applicable to
(A) Company
(B) Individual
(C) Partnership firm
(D) Association of persons

View Answer

(A) Company


6. Provisions of Section 115JB are applicable in case of –
(A) Domestic companies only
(B) Foreign companies only
(C) All companies
(D) Closely held companies

View Answer

(C) All companies


7. An Indian company having 30% voting power in a foreign company received a dividend of ₹ 10 lakh from the foreign company. The dividend so received by the Indian company is
(A) Exempt
(B) Taxable @15%
(C) Taxable at the regular rates
(D) Taxable @ 20%

View Answer

(B) Taxable @15%


8. The number of years for which credit of MAT excess paid u/s 115JB can be carried forward is
(A) 10 Assessment years
(B) 8 Assessment years
(C) 15 Assessment years
(D) 9 Assessment years

View Answer

(C) 15 Assessment years


9. For computing the Book Profit under section 115 JB, which of the following is not added back to the profits?
(A) Income-Tax
(B) Provision for Tax
(C) Dividend Distribution Tax u/s 115-0
(D) Securities Transaction Tax

View Answer

(D) Securities Transaction Tax


10. According to Section 2(1 B), “amalgamation, in relation to companies means, the merger of one or more companies with another company or the merger of two or more companies to form one company” provided all conditions except the following are satisfied:
(A) All assets to be transferred from amalgamating company to the amalgamated company
(B) All liabilities including contingent liabilities to be transferred from amalgamating company to amalgamated company
(C) Shareholders holding at least 3/4th in value of shares of the amalgamating company should become shareholders of the amalgamated company
(D) Shareholders holding at least 9/ 10th in value of shares of the amalgamating company should become shareholders of the amalgamated company

View Answer

(D) Shareholders holding at least 9/ 10th in value of shares of the amalgamating company should become shareholders of the amalgamated company


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By Team Learning Mantras

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