Compliance with legal formalities and availing tax incentives are cases of

Related MCQs

• Compliance of the legal requirements in connection with the tax is the essence of -----
• Availing tax holiday by a new industrial undertakings in backward areas is a case of
• Concealment of income or false claims to reduce tax liability are cases of ------
• An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head "Profits and gains of business or profession”. Such expenditure of payment of Commodities transaction tax shall be considered as
• Reducing tax liability, utilizing the deductions, exemptions or reliefs allowed in the Act and Rules is called----
• Using the loopholes of law to reduce tax is known as
• Tax avoidance is ----
• Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March, 2019 will not be admissible as deduction while computing its business income
• Under the Income Tax Act, 1961, depreciation on machinery is charged on ………
• If the tax liability of a company is less than 18.5% of its book profits, the company is liable to pay MAT at the rate of ------