Test 302

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Subject: Direct and Indirect Taxation

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

Income Tax in India is governed by which Act?

Wealth Tax Act

Central Excise Act

Income Tax Act

Finance Act

None

The Income Tax Act was enacted in which year?

1950

1961

1972

1982

None

Which type of income is NOT taxable under the Income Tax Act?

Agricultural income

Salary income

Capital gains

Agricultural income

None

Which of the following is a type of taxable income?

Income from gambling

Agricultural income

Income from a registered charitable trust

Capital receipts

None

An individual is considered a 'Resident' in India if he/she spends how many days in India in a financial year?

60 days

120 days

182 days

365 days

None

Which section of the Income Tax Act deals with deductions for interest paid on a home loan?

Section 80C

Section 80D

Section 24(b)

Section 80E

None

Which of the following is NOT a head of income under the Income Tax Act?

ncome from Salary

Income from House Property

Income from Interest

Income from Capital Gains

None

Salary is taxable on the basis of

Receipt basis

Accrual basis

Whichever is earlier

Whichever is later

None

Which of the following deductions is allowed under Section 80C?

Interest on education loan

Premium on life insurance policy

Medical insurance premium

Interest on housing loan

None

10.

Which of the following incomes is not taxable?

Bonus received from employer

Agricultural income

Income from lottery

Rent from house property

None

11.

Which section provides deduction for medical insurance premiums?

Section 80C

Section 80D

Section 80E

Section 80G

None

12.

Which form is used for filing income tax returns by salaried individuals?

Form 1

Form 2

ITR-1

ITR-4

None

13.

The tax treatment of a minor's income is under which section?

Section 60

Section 64(1A)

Section 50

Section 10

None

14.

What is the basic exemption limit for individuals under the age of 60?

₹1,00,000

₹2,50,000

₹3,00,000

₹5,00,000

None

15.

The amount received on maturity of a life insurance policy is

Fully taxable

Partly taxable

Exempt under Section 10(10D)

Exempt up to ₹1,00,000

None

16.

Under Section 24, a deduction is allowed for interest on loan taken for

Education

Medical treatment

Purchase of residential property

Purchase of agricultural land

None

17.

Which of the following is eligible for deduction under Section 80E?

Home loan interest

Donation to charity

Interest on education loan

Health insurance premium

None

18.

A taxpayer can claim deduction under Section 80TTA for interest income from

Fixed deposits

Savings accounts

Recurring deposits

Bonds

None

19.

House Rent Allowance (HRA) is

Fully taxable

Fully exempt

Partially exempt

Not covered under Income Tax Act

None

20.

The income of a partnership firm is taxed at the rate of

15%

20%

25%

30%

None

21.

Advance tax is required to be paid if the tax liability exceeds

₹5,000

₹10,000

₹20,000

₹50,000

None

22.

An individual who qualifies as a senior citizen under the Income Tax Act is of age

55 years

58 years

60 years

65 years

None

23.

Standard deduction under the head salary income is

₹20,000

₹30,000

₹40,000

₹50,000

None

24.

Section 80G provides deduction for

Medical expenses

Donations to charities

Interest on savings

HRA exemption

None

25.

For filing income tax returns electronically, the portal used is

incometaxindia.gov.in

gov.taxreturns.in

income.portal.in

incomeindia.tax.in

None

26.

Income tax for individuals is charged on

Annual gross income

Net profit

Gross salary

Taxable income

None

27.

Which of the following cannot claim deduction under Section 80C?

An individual

A partnership firm

A Hindu Undivided Family (HUF)

A trust

None

28.

The income of a minor is clubbed with the income of the

Minor’s sibling

Parent with higher income

Minor's guardian

Grandparents

None

29.

Under which section is income from winning lotteries taxed?

) Section 10

Section 115BB

Section 80C

Section 45

None

30.

If a resident earns income outside India, it is

Fully taxable in India

Partly taxable

Taxed in the foreign country only

Exempt

None

31.

The 'Previous Year' for income tax purposes refers to

Calendar year

Financial year

Assessment year

Tax year

None

32.

Which of the following is fully exempt from income tax?

Leave Travel Allowance

Gratuity received by a government employee

Bonus received from employer

Dearness Allowance

None

33.

Which of the following is not considered a "person" under the Income Tax Act, 1961?

Individual

Hindu Undivided Family (HUF)

Association of Persons (AOP)

Minor

None

34.

Income from salary is taxed under which head of income?

Income from House Property

Profits and Gains of Business or Profession

Income from Salaries

Income from Other Sources

None

35.

Which of the following is the basic exemption limit for individual taxpayers below the age of 60, for Assessment Year 2023-24?

₹2,50,000

₹3,00,000

₹5,00,000

₹1,50,000

None

36.

Which of the following is exempt from tax under section 10 of the Income Tax Act?

Salary income

Agriculture income

Capital gains

Professional income

None

37.

Under the Income Tax Act, 1961, which form is used by individual taxpayers for filing an income tax return when they have only salary income?

ITR-1

ITR-2

ITR-3

ITR-4

None

38.

The concept of “Previous Year” under the Income Tax Act refers to:

The year in which income is assessed

The financial year in which income is earned

The calendar year in which income is received

The year prior to the assessment year

None

39.

The assessment year refers to the period in which income is

Earned

Assessed

Paid

Exempt

None

40.

Income from self-occupied house property is

Taxable under house property

Taxable under other sources

Partially exempt

Exempt up to ₹2,00,000 interest

None

1 out of 4

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