Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
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https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
Tax Planning Concept and tax planning with specific managerial decisionsSundar B N
In this ppt most of the tax planning concepts are covered. Tax planning, Tax evasion, tax avoidance, tax planning with inter corporate dividend and Bonus share. Tax Planning with specific managerial decisions are covered.
Subscribe to Vision Academy for Video assistance
https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
Unit II Tax Planning and Company PromotionDayanand Huded
The chapter comprises of Meaning of Tax Planning, Tax Avoidance, Tax Evasion and Tax Management; Features and Scope for Tax Planning; Business Location and Tax Planning; Nature of Business and Tax Planning: FTZ, Units in SEZ, 100% EOU and Infrastructure Development.
Tax planning is a focal part of financial planning. It ensures savings on taxes while simultaneously conforming to the legal obligations and requirements of the Income Tax Act, 1961. The primary concept of tax planning is to save money and mitigate one's tax burden.
Tax Planning is the arrangement of financial activities in such a way that maximum tax benefits are enjoyed by making use of all beneficial provisions in the tax laws. It entitles the assessee to avail certain exemptions, deductions, rebates and reliefs, so as to minimise its tax liability.
(i) Reduction of tax liability: One of the supreme objectives of tax planning is the reduction of the tax liability of the payer and the resultant saving of the earnings for a better enjoyment of the fruits of hard labour.
(ii) Minimization of litigation and the tax payer may be saved from the hardships and inconveniences caused by unnecessary litigations.
(iii) Productive investment: Tax planning is a measure of awareness of the taxpayer to the intricacies of the taxation laws and it is the economic consciousness of the income earner to find out the ways and means of productive investment of the earnings which would go a long way to minimize its tax burden.
(iv) Healthy growth of economy: The saving of earnings is the only basement upon which the economic structure of human life is founded.
(v) Economic stability: Productive investment increase contours of the national economy embracing in itself the economic prosperity of not only the tax payers but also of those who earn the income not chargeable to tax. The planning thus creates economic stability of the nation and its people by even distribution of economic resources.
(i) Residential status and citizenship of the assessee: We know that a non-resident in India is not liable to pay income-tax on incomes which accrue or arise and are also received outside India, whereas a resident in India is liable to pay income-tax on such incomes.
(ii) Heads of income/assets to be included in computing net wealth: Before the Tax-planner goes in for his task; he has to have a full picture of the sources of Income of the tax payer and the members of his family
Tax planning for setting up of a new businessAjit Majumder
Tax planning:
OBJECTIVES:
Reduction of tax liability
Minimisation litigation
Productive investment
Healthy growth of economy
Economic stability
Benefit accrued from “MAKE IN INDIA”:
Facilitating USD 55 Billion investments to create 1.6 million jobs
FDI flow USD 130 Billion [2014-16]
Enabling startups with the INR 10,000 crore “Fund of Funds”
Provisions made for startups to get tax exemption for 3 years
3,43,311 youth trained with 81% placement[2014-16]
Tax planning for setting up of a new businessAjit Majumder
Tax planning:
OBJECTIVES:
Reduction of tax liability
Minimisation litigation
Productive investment
Healthy growth of economy
Economic stability
Benefit accrued from “MAKE IN INDIA”:
Facilitating USD 55 Billion investments to create 1.6 million jobs
FDI flow USD 130 Billion [2014-16]
Enabling startups with the INR 10,000 crore “Fund of Funds”
Provisions made for startups to get tax exemption for 3 years
3,43,311 youth trained with 81% placement[2014-16]
Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax- efficient manner possible. Tax planning is an important part of a financial plan, as reducing tax liability and maximizing eligibility to contribute to retirement plans are both crucial for success.
· Tax Planning,
· Direct Tax Structure in India,
· Restriction for Tax Avoidance and Tax Evasion,
· Residential Status and Tax Planning
· Corporate Taxation and Dividend Tax
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible. A plan that minimizes how much you pay in taxes is referred to as tax efficient. Tax planning should be an essential part of an individual investor's financial plan.
Section 80D provides taxpayers with tax deductions on the premium paid towards health insurance policies for self, parents, spouse, and children. The taxpayers are can claim the following amounts as deductions under Section 80D: i) Up to Rs 25,000 on the premium for health insurance availed for self, spouse, and children. ii) If your parents are covered under the insurance policy, then a maximum deduction of Rs 50,000 is allowed. iii) If either of your parents is a senior citizen, then the maximum deduction allowed is Rs 75,000.
Now, let’s see how Akash can utilise the provisions of Section 80D to save taxes. He buys a health policy for himself by paying a premium of Rs 20,000. He later decides to cover his parents as well under the policy. He spends an additional Rs 53,000 to do so. Akash’s father is aged 61 years. Hence, he can avail an additional deduction of up to Rs 50,000 towards the premium paid to cover his father. Thus, Akash can claim Rs 70,000 paid by him (Rs 20,000 for covering self and Rs 50,000 for covering parents, one of whom is a senior citizen) under Section 80D this year. He saves Rs 21,840 in taxes under this Section.
How to Reduce Plaintiff Attorneys' Income Taxes and Build Wealth Using Contin...Greg Maxwell
This presentation was created by Greg Maxwell, Esq., CFP® of Amicus Settlement Planners. If you have any questions about deferring legal fees, you may schedule a complimentary call with Greg via this link: bit.ly/book-a-call-with-greg-maxwell, or you can email Greg at Contact@AmicusPlanners.com.
A Study on Various Ways of Tax Avoidance and Tax Evasion in Agricultural Sect...Journal For Research
Tax evasion and tax avoidance are deviations from what is to be brought into being legal, reasonable and just, they occur frequently together. It is common in them, that they result in losses in the tax revenue. Otherwise they are different from each other. An arrangement made to beat the intent of the law by taking unfair advantage of the shortcomings in the tax rules is known as Tax Avoidance. It refers to finding out new methods or tools to avoid the payment of taxes which are within the limits of the law. An illegal act, made to escape from paying taxes is known as Tax Evasion. Such illegal practices can be deliberate concealment of income, manipulation in accounts, disclosure of unreal expenses for deductions, showing personal expenditure as business expenses, overstatement of tax credit or exemptions suppression of profits and capital gains, etc. This will result in the disclosure of income which is not the actual income earned by the entity. Agriculture income is exempt under the Indian Income Tax Act. This means that income earned from agricultural operations is not taxed. Some people are miss using the tax exemption for making fake income certificates or converting there black money in to white by show this as agricultural income.
PHP Frameworks: I want to break free (IPC Berlin 2024)Ralf Eggert
In this presentation, we examine the challenges and limitations of relying too heavily on PHP frameworks in web development. We discuss the history of PHP and its frameworks to understand how this dependence has evolved. The focus will be on providing concrete tips and strategies to reduce reliance on these frameworks, based on real-world examples and practical considerations. The goal is to equip developers with the skills and knowledge to create more flexible and future-proof web applications. We'll explore the importance of maintaining autonomy in a rapidly changing tech landscape and how to make informed decisions in PHP development.
This talk is aimed at encouraging a more independent approach to using PHP frameworks, moving towards a more flexible and future-proof approach to PHP development.
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
Search and Society: Reimagining Information Access for Radical FuturesBhaskar Mitra
The field of Information retrieval (IR) is currently undergoing a transformative shift, at least partly due to the emerging applications of generative AI to information access. In this talk, we will deliberate on the sociotechnical implications of generative AI for information access. We will argue that there is both a critical necessity and an exciting opportunity for the IR community to re-center our research agendas on societal needs while dismantling the artificial separation between the work on fairness, accountability, transparency, and ethics in IR and the rest of IR research. Instead of adopting a reactionary strategy of trying to mitigate potential social harms from emerging technologies, the community should aim to proactively set the research agenda for the kinds of systems we should build inspired by diverse explicitly stated sociotechnical imaginaries. The sociotechnical imaginaries that underpin the design and development of information access technologies needs to be explicitly articulated, and we need to develop theories of change in context of these diverse perspectives. Our guiding future imaginaries must be informed by other academic fields, such as democratic theory and critical theory, and should be co-developed with social science scholars, legal scholars, civil rights and social justice activists, and artists, among others.
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Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
GenAISummit 2024 May 28 Sri Ambati Keynote: AGI Belongs to The Community in O...
Corporate tax planning
1. A Quick Revision For NET/GSET Examination
Prepared By-
Anuj Bhatia
[BBA, M.Com, GSET, UGC-NET, Ph.D (Pur.)]
Assistant Professor,
Anand Institute of Business Studies
Contact: anujbhatia09@gmail.com
2. Tax Planning
Tax planning is the arrangement of financial
activities in such a way that maximum tax benefits
are enjoyed by making use of all beneficial provisions
in the tax laws. It entitles the assessee to avail
certain exemptions, deductions, rebates and reliefs,
so as to minimize his tax liability.
Tax planning imply compliance with the taxing
provisions in such a manner that full advantage is
taken of all exemptions, deductions, concessions,
rebates and reliefs permissible under the Act so that
the incidence of tax is the least.
3. Tax Avoidance
Tax avoidance is minimizing the incidence of tax by
adjusting the affairs in such a manner that although
it is within the four corners of the taxation laws but
the advantage is taken by finding out loopholes in the
laws. The shortest definition of tax avoidance is that
it is the art of dodging tax without breaking the law.
In the case of tax avoidance, the tax payer apparently
circumvents the law, without giving rise to a criminal
offence, by the use of a scheme, arrangement or
device, often of a complex nature but where the main
purpose is to defer, reduce or completely avoid the
tax payable under the law.
4. Tax Evasion
Unscrupulous citizens evade their tax liability by
dishonest means. Some of which are:
Concealment of income;
Inflation of expenses to suppress income;
Falsification of accounts;
Conscious violation of rules
These devices are unethical and have to be
condemned. The courts also do not favour such
unethical means. Evasion, once proved, not only
attracts heavy penalties but may also lead to
prosecution.
5. TAX PLANNING TAX AVOIDANCE TAX EVASION
Legal Legal Illegal
Ethical Unethical Unethical
No intention to defeat legal Intention to defeat legal spirit Intention to defeat legal spirit
spirit
By taking legitimate benefits of By taking benefit of loopholes Misstatement and falsification
Income tax law of law of accounts, incomes and
expenses
No Litigation in courts Leads to litigation in courts Leads to litigation in courts
No Penalty/ Prosecution No Penalty/ Prosecution Attracts penalty/prosecution
Good for National It is evil for Nation/Society It is evil for Nation/Society
Development/ Society…creates
employment etc
Promotes professionalism and Encourages bribery and Encourages bribery and
strengthens economic and weakens economic and political weakens economic and political
political situation situation situation
Planning before tax liability Planning for avoidance before Tax evasion involves avoidance
arises tax liability arises of payment of tax after the
liability of tax has arise.
6. Tax Management
Tax management refers to the compliance with the
statutory provisions of law.
While tax planning is optional, tax management is
mandatory. It includes maintenance of accounts, filling of
return, payment of taxes, deduction of tax at source,
timely payment of advance tax, etc.
Poor tax management may lead to levy of interest, penalty,
prosecution, etc. In some cases it may lead to heavy
financial loss if proper compliance is not made, e.g. if a
loss return is not filed in time it will result in a financial
loss because such loss will not be allowed to be carried
forward
7. Objectives of Tax Planning
Reduction of tax liability
Minimization of litigation
Productive investment
Healthy growth of economy
Economic stability
8. Factors on the basis of which Tax
planning is done
The following factors are helpful for effective tax
planning:
Residential status and citizenship of the assessee.
Heads of income/Assets to be included in
computing net wealth.
Latest legal position.
Form v Substance
9. Specific Management Decisions
1. Capital Structure
While selecting a particular capital structure the
entrepreneur has to keep in view the following
considerations:
serving the capital base with consistent dividend
policy
cost of capital to be raised from the market
chargeability or otherwise of taxes, i.e., direct and
indirect taxes
keeping a margin for ploughing back of profits for
future plan towards diversification, expansion,
modernization and other development aspects.
10. Means of financing:
Generally, the following means of finance are
available for a new project:
Equity share capital,
Debentures/Loans and borrowings/Lease Finance
Capital mix:
A capital structure is said to be optimum when it
has a mix of debt and equity that will yield the
lowest weighted average cost of capital. At the
same time, a capital mix should not have high
debt equity ratio. A high debt/equity ratio has its
own advantages and disadvantages.
11. Lease or buy decisions:
In recent years, leasing has become a popular
source of financing in India. From the lessees
point of view, leasing has the attraction of
eliminating immediate cash outflow, and the
lease rentals can be claimed as admissible
expenditure against the business income. On the
other hand, buying has the advantages of
depreciation allowance and interest on borrowed
capital being tax-deductible. Thus, an evaluation
of the two alternatives is to be made in order to
take a decision.
12. Make or buy decision
Now a decision regarding the manufacturing of
these components is to be taken. It is decided
whether the product/part/component of product
should be bought from the market or should be
manufactured by having necessary
manufacturing facilities. The main consideration
affecting such a decision is cost. In a make or
buy decision, the variable cost of making the
product or part/component of product is
compared with its purchase price prevailing in
the market.
13. Repair/Renewal or Replacement
of an asset:
Repairs/Renewal: Deduction for expenditure on
repairs/renewal will be allowed as revenue expenditure in
computation of business income as under:-
If the building is a rented building, any expenditure on repairs
shall be allowed as deduction.
It may be noted that if the repairs expenditure are of capital nature
it shall not be allowed as deduction either under section 30, 31 or
37.
Replacement of assets: If the asset has to be replaced, the
expenditure incurred on replacement shall be capital expenditure
and the assessee shall only be entitled to depreciation on such
assets and as such, the entire expenditure cannot be claimed as
deduction which was allowed in case of repairs.
14. Tax planning in case of
employee’s remuneration
This requires consideration from the point of view of
–
Employer: While calculating the business income of
the employer, the remuneration payable to the
employee, in whatever form, should be fully
deductible otherwise the employer will have to pay
tax on such remuneration also as the same will not be
allowed as deduction while computing his business
income. In some cases, the employer shall have to
pay fringe benefit tax on certain benefits given to the
employees.
15. Employee:The salary received by the employee, whether in
cash or kind, should attract minimum income-tax liability.
He should be in a position to avail maximum
exemption/concession in respect of such salary received
by him. Some of the exemptions/concessions available to
employee under Income-tax Act are as under:
Section 10(10) exemption in case of death-cum-retirement gratuity.
Section 10(10A) exemption of commuted pension.
Section 10(10B) exemption of retrenchment compensation.
Section 10(10C) exemption of compensation on voluntary retirement.
Section 10(13A) exemption of House rent allowance.
Section 10(14) exemption of specified/notified special allowance.
Tax free perquisites, like medical facility, reimbursement of medical expenses,
telephone at the residence of employee, free lunch or dinner/free refreshment,
leave travel concession, etc.
Contribution by the employer to the provident fund or other welfare fund of
the employee.
Perquisites taxable at concessional rate, like rent free accommodation,
motorcar, etc.
16. Inflation of expenses to suppress income is an act of
………….
(B)Tax Planning
(C)Tax Avoidance
(D)Tax Evasion
(E)Tax Management
17. The filing of return of loss u/s 139(3) to avail benefit of
set off and carry forward of loss is called …………….
(A) Tax Planning
(B) Tax Avoidance
(C) Tax Evasion
(D) Tax Management
18. Mr. Aditya, an employee of Shri Ram Krishna Seva
Mandal, stays in housing facility provided by the
trust. This is an act of …………..
(A) Tax Planning
(B) Tax Avoidance
(C) Tax Evasion
(D) Tax Management
19. Mr. Yash, a businessman, purchases National Saving
Certificates of Rs.50,000, so as to reduce his income
chargeable to tax from Rs.4,00,000 to Rs.3,50,000.
This is an act of ……………..
(A) Tax Planning
(B) Tax Avoidance
(C) Tax Evasion
(D) Tax Management
20. An assessee cannot claim the benefit of …………. for the
purpose of tax deduction if the ‘Own’ the asset.
B.Depreciation on asset
C.Repair expenses of revenue nature
D.Interest on money borrowed to purchase the asset
E. None of the above
21. When the asset is owned by the assessee, he can claim
benefit of ………… for tax deduction.
(A) Lease rental
(B) Repair and Maintenance expenses of capital nature
(C) Depreciation
(D) Cost of Asset
22. Which of the following will be not be allowed as
deduction in case of ‘Lease’ of an asset?
(A) Depreciation
(B) Cost of Capital
(C) Interest on loan borrowed for acquiring the asset
(D) Rental paid to lessor
23. Lease rental can be claimed as ________ against
business income.
B.Admissible expenses
C.Inadmissible expenses
D.Both (A) and (B)
E. None of the above
24. Deduction for expenses on repair and renewal is
allowed as _________
B.Capital expenditure
C.Revenue expenditure
D.Differed Revenue expenditure
E. Both (A) and (C)
25. Remuneration paid to employee will be………
B.Fully deductible
C.Partly deductible
D.Non deductible
E. Depends on situation