WorksheetsTaxation and Tax Havens Worksheet
Total questions: 20
Worksheet time: 10mins
According to the presentation, what is the financial year period for Previous Year (PY)?
January to December
April to March
March to April
July to June
What does Assessment Year (AY) refer to?
Year when you earn income
Year when income is reported
Year when tax is assessed
Year when tax is paid
Which is NOT one of the 5 heads of income?
Salary
House Property
Education
Business/Profession
What does "Total Income" mean?
Only salary income
Only house property income
All 5 heads combined
Income before deductions
Which section provides deduction for PF, Life Insurance, Mutual Funds?
80D
80C
80E
80F
Section 80D provides deduction for:
Mutual funds
Health insurance
Education loan
House rent
Section 80E provides deduction for:
Life insurance
Student loan interest
House property
Professional fees
India's tax system is:
Regressive
Flat
Progressive
No tax system
Which is a legitimate tax-saving strategy?
Tax evasion
Hiding income
Section 80C investments
Misreporting expenses
Which country has 0% income & corporate tax?
Singapore
Cayman Islands
Luxembourg
Bermuda
Singapore's effective corporate tax rate:
0%
5-10%
25%
40%
Which company used Luxembourg tax haven (saved €250M+)?
Apple
Amazon
Infosys
Goldman Sachs
Global profits shifted to tax havens yearly:
$100B
$300B
$700B+
$1T
Tech giants shift what % of profits to havens?
20-30%
40-50%
60-80%
90%+
How do MNCs reduce taxes?
Increase salaries
Move to low-tax countries
More R&D
More dividends
International anti-tax evasion initiatives include:
GAAR
OECD BEPS
Global minimum tax
All above
Legal tax saving vs tax evasion:
No difference
Legal uses approved methods
Evasion is cheaper
Only for rich
Tax knowledge career opportunities:
CA
Tax consultant
Big4 consulting
All above
Understanding tax helps:
Only accountants
Unimportant for students
Career opportunities + economy understanding
Too complicated
Which head of income includes share profits?
Salary
House Property
Business
Capital Gains
