tax 2 Flashcards
(13 cards)
1
Q
installment tax
A
94
2
Q
presumptive and transactions based tax
A
3
Q
female tax credit
A
4
Q
medical tax credit
A
5
Q
terminal depn
A
6
Q
long term contract
A
7
Q
loss setoff rule / rule of quarantine
A
sec 20
8
Q
type of loss setoff
A
horizontal and vertical
9
Q
tax rate for cooperatives
A
normal = rural 5% municipality 7% and metro and sub metro 10%
saving and credit = municipality 10% sub metro 15% metro 20%
10
Q
available loan loss provision as income in cooperatives
A
llp claimed upto last yr - 5% of gross loan
11
Q
cost of trading stock
A
sec 15
12
Q
depreciable assets
A
nature, ownership,use of asset, generation of income or revenue
12
Q
A
