Deck 2: Income Tax in India: Part B

Question 1

A resident must stay in India for 730 days during the previous

A)6 years
B)8 years
C)7 years
D)9 years

Answer 1

7 years

Question 2

A person is said to be of Indian origin if he or his parent were born in

A)undivided india
B)divided india
C)partitioned india
D)Neither of the above

Answer 2

undivided india

Question 3

Receipt by a member from HUF is fully exempt

A)true
B)false
C)somewhat agree
D)all of the above

Answer 3

true

Question 4

Income of minor child clubbed with the income of parents gets an exemption of

A)Rs 1500
B)Rs 3000
C)Rs 4000
D)Rs 2000

Question 5

To determine the residential status of HUF, the residential status of

A)member is considered
B)karta is considered
C)co-parceners is considered
D)neither of the above

Question 6

GST is a………………….

A)Professional tax
B)Direct tax
C)Indirect tax
D)Service tax

Question 7

A person with the age of or more is considered as a super senior citizen as per Income tax Act.

A)56
B)60
C)80
D)85

Question 8

Assessment year is the period of 12 months commencing from_every year.

A)1st March
B)31s tMarch
C)1st April
D)30thApril

Question 9

Expenditure incurred on exempted income is.............. as deduction.

A)Fully Allowed
B)Partly Allowed
C)Not Allowed
D)None of these

Question 10

HRA is………………..

A)Fully Taxable
B)Partly Taxable
C)Fully Exempted
D)None of these

Question 11

If the assessee is living in own house HRA is…………..

A)Fully Taxable
B)Partly Taxable
C)Fully Exempted
D)None of these

Question 12

Children education allowance is exempt up to per month per child for two children.

A)Rs.100
B)Rs.150
C)Rs.200
D)Rs.250

Question 13

Children hostel allowance is exempt up to per month per child for

A)2 child
B)3 child
C)4 child
D)7 child

Question 14

Transport allowance given by the employer to the employee is exempt up to………..

A)Rs.1000p.m
B)Rs.1600p.m
C)Rs.1000p.a
D)Rs.1600p.a

Question 15

Education allowance is exempted for……..

A)One person
B)Four persons
C)Two persons
D)None of these

Question 16

Gratuity received by a government employee is.......................

A)Fully exempted
B)Partly exempted
C)Fully taxable
D)Exempted up toRs:1,00,000

Question 17

The periodic payment of money for the past service is known as........................

A)Gratuity
B)Pension
C)Commuted pension
D)Leave salary

Question 18

Pension is taxable under_head.

A)Salary
B)House property
C)Capital gains
D)other sources

Question 19

Which of the following is not included in salaryincome.

A)Commuted pension
B)Un commuted pension
C)Family pension
D)Leave salary

Question 20

Dearness allowance is taxable in the handsof.................

A)Govtemployees
B)Non Govtemployees
C)Allemployees.
D)None ofthese.

Question 21

Deduction under section 80 C is available for investments in

A)Unit link insurance plan
B)LIC
C)Statutory provident fund
D)All of these

Question 22

Deduction under section 80 CCD is available to investment made in the fund of

A)State government
B)Deemed government
C)Centralgovt.
D)None of these

Question 23

Maximum deduction under section 80CCE is subject to a maximum of

A)Rs. 5,00,000.
B)Rs.2,00,000.
C)Rs.1,00,000.
D)Rs.1,50,000.

Question 24

.Deduction under section 80D is available on

A)Health Insurance Premium
B)Life Insurance Premium
C)Education Insurance Premium
D)None of these

Question 25

Deduction under section 80 D is subject to

A)25,000
B)50,000
C)70,000
D)None of these