L2 Unit – 8 – Quiz | Wealth Management Course that Top Wealth Managers Swear By

Question 1 of 25

1. Question

Which of the following is true?

Taxpayers who are not able to credit all taxes paid abroad against taxes in their home country are said to be in an ‘excess credit’ position.
Taxpayers who are not able to credit all taxes paid abroad against taxes in their home country are said to be in an ‘excess limitation’ position.
Taxpayers who are not able to credit all taxes paid abroad against taxes in their home country are said to be in an ‘deficit of credit’ position.
Both A and B

Question 2 of 25

2. Question

Which one of the following is the full form of GATT?

General Agreement on Tariffs and Trade
General Act on Tariffs and Trade
General Agreement on Tariffs and Transfer
General Agreement on Tariffs and Taxes

Question 3 of 25

3. Question

To determine Regular Tax Liability, Federal tax brackets for single individual vary from _________ of Taxable income.

10% to 30%
10% to 37%
15% to 45%
15% to 37%

Question 4 of 25

4. Question

The U.S., federal earned income tax credit or earned income credit is a refundable tax credit for ___________.

All the taxpayers
People having business
Individuals or couples having Low to moderate income
HNI

Question 5 of 25

5. Question

India has Double Taxation Avoidance Agreement (DTAA) with _____ countries, but presently _____ has been in force.

68 and 65
88 and 85
72 and 69
83 and 80

Question 6 of 25

6. Question

Which Model was issued in Double Taxation Convention on Income and Capital ?

The OECD Model
The UN Model
The FATF Model
The OPEC Model

Question 7 of 25

7. Question

Which of the following person is eligible to seek advance ruling

Senior citizens
Professionals
Foreign companies
Non-residents

Question 8 of 25

8. Question

The authority for advance ruling in income-tax is appointed by

The President of India
The Central Board of Direct Taxes
The Central Government
The Chief Commissioner of Income-tax

Question 9 of 25

9. Question

WhereTDS is deductible from any payment made to a person located in the Notified Jurisdictional Area, it should be deducted @

Rates specified in the relevant provisions of the Income Tax Act, 1961.
Rates in force
0.3
Highest of the above

Question 10 of 25

10. Question

Where more than one price is determined by the most appropriate method, the arm’s length price shall be taken to be __________

Highest of such prices
Lowest of such prices
Arithmetical mean of such prices
Any price at the option of the assessee

Question 11 of 25

11. Question

Determining foreign tax credit on a worldwide basis is followed by

Canada
Germany
Iceland
New Zealand

Question 12 of 25

12. Question

Various types of income and capital on which taxes can be paid include

Income taxes on earnings
Income taxes on investment income
capital taxes on capital profits
All of the above

Question 13 of 25

13. Question

In Mauritius one single flat rate of _____ is applicable on all types of income.

0.1
0.2
0.15
There is no flat rate.

Question 14 of 25

14. Question

What does “IRAS” stands for?

Inland Revenue Authority of Singapore
Inland Revenue Authority of Scotland
Inland Reforms Authority of Singapore
Inland Revenue Autonomy of Singapore

Question 15 of 25

15. Question

Advance pricing agreements (APA) may be ______________.

Unilateral APA
Bi-lateral APA
Multilateral APA
Any of the above

Question 16 of 25

16. Question

A company will not be said to be engaged in ‘active business outside India’ in which of the following situations?

If passive income more than 50% of its total income.
If less than 50% of its total assets are situated in India.
If less than 50% of total number of employees are situated in India or are resident in India.
If the payroll expenses incurred on such employees is less than 50% of its total payroll expenditure.

Question 17 of 25

17. Question

Which of the following double taxation avoidance agreement (DTAA) emphasises on residence principle

UN Model
US Model
OECD Model
Andean Model

Question 18 of 25

18. Question

Profits and gains of foreign companies engaged in the business of civil construction etc. in certain turnkey power projects u/s 44BBB is equal to ______ of the receipts which are deemed to accrue or arise in India

0.075
0.1
0.05
0.07

Question 19 of 25

19. Question

TDS is deducted from the salary payable in foreign currency at the rate of

0.1
0.2
0.3
Average rate of Income Tax

Question 20 of 25

20. Question

According to the Organization for Economic Co-operation and Development (OECD), the following parameters are considered to decide whether a jurisdiction is tax haven or not

Rate of tax applicable
Withholding personal financial information
Lack of transparency
All of the above

Question 21 of 25

21. Question

Which one of the following is the full form of OECD?

Organisation for Ecological Co-operation and Development
Organisation for Economic Co-operation and Design
Organisation for Economic Co-operation and Distribution
Organisation for Economic Co-operation and Development

Question 22 of 25

22. Question

“Place of effective management” means a place where ____________________ that are necessary for the conduct of the business of an entity as a whole, are in substance made.

Control and Management
Management decisions
Commercial decisions
Key management and commercial decisions

Question 23 of 25

23. Question

OECD has outlined _______ parameters to consider whether jurisdiction is tax haven or not.

One
Two
Four
Three

Question 24 of 25

24. Question

Advance ruling application can be withdrawn within days of the date of the application

30 days
60 days
90 days
120 days

Question 25 of 25

25. Question

Advance ruling shall be pronounced within ____________ of the date of receipt of application.

6 months
One year
90 days
60 days.

L2 Unit – 8 – Quiz

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