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The Facts machine
The Facts machine
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Flashcards
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Practice quiz
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Questions
20
Answers
1
Share of receipts from partnership firm comes under:
None of these
Income from business
Exempted income
Income from other sources
2
Fully taxable allowance doesn't include:
House-rent allowance
Family allowance
. Project allowance
Tiffin allowance
3
First installment of advance tax payable falls due on
15th September
15th September
15th June
15th March
4
Which of the following is a not taxable income
Interest on government securities
Interest on Post office saving accounts
Gift not exceeding Rs 50000
Divident from domestic company
5
In India, which form is used to file an IT return for a taxpayer who engaged in a proprietary business or profession?
ITR-4 (Sugam)
ITR-3
ITR-1 (Sahaj)
ITR-6
6
Is GST applicable in online Games or betting ?
False
True
7
In the new tax regime if the total income exceeds 15 lakhs. Which of the following deduction can assesse claim
55000
50000
51000
52500
8
Non- Speculation loss can be carried forward for
4 years
8 years
10 years
5 Years
9
Rebate comes under section
86A
87A
86AA
84
10
Income earned by a minor child is taxable ?
False
True
11
Under the GST regime in India. Which of the following is not a type of GST
IGST (Integrated Goods and service tax)
CGST (central goods and service tax)
SGST ( State goods and service tax)
SGT ( service goods tax)
12
Return filed after the due date is called
Revised return
Defective return
Belated return
Best return
13
Under the IT Act, what is the max limit for claiming a deduction u/s 80D for health insurance premium for senior citizen
₹50,000
₹20,000
₹25,000
₹15,000
14
What is the penalty for not filing income tax returns by the due date in India?
₹1,000 flat fee
2% of the tax due per month
No penalty
5% of the tax due per month
15
The highest tax rate which the individual pays in India is (in terms of %)
39
40
25
42.74
16
Which of the following is an allowable deduction under Section 80C of the Income Tax Act in India
Credit car
Rent paid for a residential house
Mobile phone expenses
School tuition fees
17
To be a long term capital asset, a non financial asset should be held more than
24 months
60 months
36 months
12 months
18
Which of the following is the capital gains tax rate for long-term capital gains?
25%
15%
20%
0%
19
Which of the following is the capital gains tax rate for short-term capital gains[111 A] ?
25%
20%
0%
15%
20
Under the Income Tax Act of India, which category of taxpayers is eligible for the "Presumptive Taxation Scheme"?
Corporations
Small Businesses and Professionals
Individuals
Senior Citizens
