Direct Taxes

Question 1

New Direct tax code submitted by__ to __ will replace __.
more than __in the number of returns filed in the last 4 years. direct tax ratio rose to __ in FY2017-18. Highest in the last –years. Number of persons filing IT returns also increased by__ in 2014-18 . Therefore there is an improvement in Tax Buoyancy

Answer 1

Task force headed by Akhilesh Ranjan, revise simplify and consolidate, Income tax act and wealth tax,1957.
80% growth, 5.98%, 10 years, 65%

Question 2

Domestic company is taxed on its __ and foreign comp only on __.
Domestic Company- registered under__ and control and management – in India both private and public.

Answer 2

Universal Income, income earned in India.

Companies Act, wholly

Question 3

Corporate Tax reduced from 30% to – for — and from 25% to – for –.

Answer 3

22% for existing companies and 15% for new manufacturing companies.

Question 4

LRS- CBDT found nothing adverse after examining LRS data. Scheme introduced in – by–. Allows – to freely remit money upto – per financial year.

Answer 4

2004 by RBI.

Resident individuals, $2,50,000(NOT rupee)

Question 5

– restriction on the – of the money abroad- can be gifted, spent freely, college fees, invested in shares, debt instruments, buy immovable properties in overseas.
Can be made in ANY — foreign currency.

Answer 5

NO, use of money.

freely convertible.

Question 6

Buyback- investors buys back the shares. true or false?

Answer 6

False. In buyback company buys back/ repurchases shares from shareholders.

Question 7

in Buyback offer, dividend is –. Govt proposed tax buyback at –. Currently buyback tax applicable ONLY to –

Answer 7

Optional, 20%, unlisted companies