CSE & CAI TAX CH-1 & CH-2

The rate of tax leviable on dividend from specified companies received by an Indian company for the AY 2021-22 under section 115BBD of the Income-tax is :

• 15 % on dividend in excess of Rs. 10,00,000

• 15%

• 10% on dividend in excess of Rs. 10,00,000

• 10%

The rate of tax leviable on Long term Capital Gains under section 112:

• 10%

• 15%

• 20%

• 30%

The rate of tax leviable on aggregate divided from domestic companies in the hands of individual for the AY 2021- 22 under section 115 BBDA of the income-tax, Act is :

• 10% on gains in excess of Rs. 10,00,000

• 10 % on gains in excess of Rs. 10,000

• 15% on gains in excess of Rs. 1,00,000

• 10% on gains in excess of Rs. 1,00,000

A domestic company whose turnover for the previous year 2018-2019 Rs. 420 Crore; for previous year 2019-2020 Rs. 80 Crore and for previous year 2020-2021 Rs. 120 Crore. Its total income (computed for the assessment year 2022-2023 is Rs. 30 Crores. The rate of income tax applicable for such company (with cess) would be :

• 30%

• 20%

• 29%

• 25%

Mr. Ganpathy a resident individual received 12 lakhs during the financial year 2020-2021 by way of dividend from domestic company. The company have paid dividend distribution tax under Section 115-O on the dividend declared. The applicable rate of tax Liability on such dividend income in excess of RS. 10,00,000 would be :

• 10.4 %

• 31.2%

• Nil

• 15.45%

Which of the following is true regarding the rates of tax on Income of a Co-operative Society for the AY 2021-22 ?

• 10 % up-to Rs. 10,000

• 20% on Income from RS. 10,000 Rs. 20,000

• 30 % on Income above Rs. 20,000

• All of the above

In the case of a Co-operative Society, surcharge is levied for the AY 2021-22 where its total income exceeds Rs. ……….. crores.

• 1

• 5

• 10

• None of the above

The presumed income for a non-resident engaged in shipping business in India shall be :

• 5%

• 7.5%

• 10%

• 20%

The benefit of basic exemption limit applicable to an Individual is available from all Income except:

• Long term Capital Gains u/s 112

• Long term Capital Gains u/s 112A

• Short term Capital Gains u/s 111

• None of the above

Arun, a non-resident of India celebrated his 80th birth day on 10th October 2021.If his total income for the previous year is Rs. 6,00,000 his income –tax liability for the previous year 2021-2022 is

• Rs. 33,800

• Rs.41,200

• Rs. 33,475

• Nil