BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Improperly accumulated earnings tax shall not apply to banks and other non-bank financial intermediaries.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Statement 3 is incorrect: NBFC cannot accept demand deposits.
Detailed explanation-2: -Explanation: NBFC does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.
Detailed explanation-3: -Investment banks, mortgage lenders, money market funds, insurance companies, hedge funds, private equity funds, and P2P lenders are all examples of NBFCs.
There is 1 question to complete.