The value of a computer is depreciated over five years for tax purposes (meaning that at the end of five years , the computer is worth $0). If a business paid $ 2,100 for a computer, how much will it have depreciated after 2 years?

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.

A

1, 2 and 3

B

2, 3 and 4

C

3, 4 and 5

D

All of the above

Which of the following is not an agreement in restraint of trade?
1. A sells the goodwill of his business with an agreement not to carry on a similar business within specified local limits, so long as the buyer carries on a similar business.
2. A sells the goodwill of his business with an agreement not to carry on a similar business within India, so long as the buyer carries on a similar business.
3. A sells the goodwill of his business with an agreement not to practice the same trade for 25 years.
4. A sells the goodwill of his business with an agreement not to engage in any business competing or liable to compete in any way with the business for the time being carried on by the buyer.

A

1, 3 and 4

B

2, 3 and 4

C

3 and 4

D

1 and 3

A passenger paid 50% customs duty on accompanied baggage items. He paid another 20% sales tax on the total value of the items plus the custom duty paid. The total custom duty and sales tax is Tk. 350. what is the value of the item custom duty and sales tax?

A

Tk.400

B

Tk. 450

C

Tk. 500

D

None these

Three workers X, Y and Z, are paid a total of Tk.5,500 for particular jobs. X paid 133.33% of the amount paid to Y and Y is paid 75% amount paid to Z.How much is paid to Z?

A

1780

B

1890

C

1975

D

2000

The sumof the pre-tax costs of items A ans item B is Tk. 300. In dhaka, each item would be charged a flat 7% tax. In Rangpur item A is subject to 5% tax and item b is subject to 10% tax. If the tax in Rangpur on the purchase of both items is exactly Tk 3 more than it is in Dhaka, than what is the pre - tax price of item A?

A

120

B

209

C

300

D

320

A Shopkeeper charges sales tax of x% upto Rs.2,000 and above it he charges y%. A customer pays total tax of Rs 320, when he purchases the goods worth Rs. 6,000 and he pay's the total tax of Rs. 680 for the goods worth Rs. 12,000. The value of (x-y) is:

A

0

B

-2

C

-4

D

5

In a business, B invests half the amount invested by A. After 6 months from the start of the business, C joins the business with an amount equal to twice of B's investment. After 8 months from the start of the business B withdraws completely from the business. If at the end of the year, C's share in the profit was Rs. 2460, what was the total profit received that year ?

A

Rs. 11200

B

Rs. 9600

C

Rs. 9020

D

Rs. 12000

Simplify : $${{{5 \over 3} \times {7 \over {51}}{\text{ of }}{{17} \over 5} - {1 \over 3}} \over {{2 \over 9} \times {5 \over 7}{\text{ of }}{{28} \over 5} - {2 \over 3}}}$$

A

$$\frac{1}{2}$$

B

4

C

2

D

$$\frac{1}{4}$$

Consider the given statements as true and decide which of the given conclusions can definitely be drawn from the given statements. Statements : People think that paying tax to the government is a burden and waste. Hence, they avoid paying tax or don't pay tax promptly. Conclusions : 1. Government should create awareness among the people that paying tax helps to build nation. 2. Tax should be increased so that more money is collected.

A

Neither 1 nor 2 follows

B

Only conclusion 2 follows

C

Both 1 & 2 follows

D

Only conclusion 1 follows

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?

A

Both the Statements (I) and (II) are correct

B

Statement (I) is correct, but (II) is incorrect

C

Both Statements (I) and (II) are incorrect

D

Statement (II) is correct, but (I) is incorrect