Deck 3: Income Tax Deductions, Filing Requirements, and Exemptions in India

Question 1

Deduction under section 80DD is available to

A)dependent
B)disabled dependent
C)Less dependent
D)None of these

Answer 1

disabled dependent

Question 2

Deduction under sec 80DD is available to the extent of

A)Rs 75,000
B)Rs 50,000
C)Rs 25,000
D)None of these

Answer 2

Rs 75,000

Question 3

Deduction under section 80DDB is available to the extent of

A)40,000
B)20,000
C)30,000
D)None of these

Answer 3

40,000

Question 4

Deduction under section 80E is available on

A)education
B)health
C)life
D)none of these

Question 5

Deduction under 80 QQB is available in respect of

A)royalty income
B)health
C)education
D)none of these

Question 6

Every assesse has to file return of income if their taxable income exceeds

A)gross total income
B)total income
C)net income
D)basic exemption limit

Question 7

.The due date of filing return of income in case of company is

A)30th September
B)31st march
C)1stapril
D)none of these

Question 8

if total income is up to 50,000 then the late fees of filing ROI IS

A)1,000
B)2,000
C)3,000
D)NONE OF THESE

Question 9

If total income is up to 5,00,000 then the late fees of filing ROI is

A)1,000
B)5,000
C)3,000
D)NONE OF THESE

Question 10

Sales tax collected from the buyer of the goods is

A)Capital receipt
B)Revenue receipt
C)Deferred revenue receipt
D)Profits in lieu of salary

Question 11

Agricultural income is completely exempted for assessment year .

A)1974-75
B)1985-86
C)1975-76
D)1978-79

Question 12

An individual is said to be resident in India if .

A)It is in India in the previous year for a period of 182 days or more
B)It is in India for period of 60 days or more during the previous and 365 days or more during the four years immediately proceeding previous year
C)All of the above
D)None of the above

Question 13

The HUF is said to be resident in India if .

A)The control and management of its affairs is wholly or partly situated in India
B)The control and management of its affairs is partially situated out of India
C)The control and management of its affairs is wholly or partly in out of India
D)None of the above

Question 14

_________ of Income Tax Act is related to residential status.

A)Section 2
B)Section 5
C)Section 4

Question 15

The meaning of exempted income is .

A)Not included in total income
B)Agricultural income
C)Not taxable under income tax
D)All of the above