Taxation Basics

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Q. What is the maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents?
  • A. ₹25,000
  • B. ₹50,000
  • C. ₹75,000
  • D. ₹1,00,000
Q. What is the maximum limit for claiming deduction under Section 80E for interest on education loans?
  • A. Rs. 50,000
  • B. No limit
  • C. Rs. 1,00,000
  • D. Rs. 2,00,000
Q. What is the maximum limit for claiming deductions under Section 80C in a financial year?
  • A. ₹1,00,000
  • B. ₹1,50,000
  • C. ₹2,00,000
  • D. ₹50,000
Q. What is the maximum limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
  • A. Rs. 50,000
  • B. Rs. 1,00,000
  • C. Rs. 30,000
  • D. Rs. 40,000
Q. What is the maximum limit for deduction under Section 80D for health insurance for a family including parents?
  • A. ₹25,000
  • B. ₹50,000
  • C. ₹75,000
  • D. ₹1,00,000
Q. What is the maximum limit for deduction under Section 80D for health insurance premiums for a family?
  • A. Rs. 25,000
  • B. Rs. 50,000
  • C. Rs. 1,00,000
  • D. Rs. 15,000
Q. What is the maximum limit of deduction under Section 80C for the financial year 2022-23?
  • A. Rs. 1 lakh
  • B. Rs. 1.5 lakh
  • C. Rs. 2 lakh
  • D. Rs. 50,000
Q. What is the maximum limit of deduction under Section 80D for health insurance for a senior citizen?
  • A. Rs. 25,000
  • B. Rs. 50,000
  • C. Rs. 75,000
  • D. Rs. 1,00,000
Q. What is the maximum limit of deduction under Section 80D for health insurance for a family including parents?
  • A. 25,000
  • B. 50,000
  • C. 75,000
  • D. 1,00,000
Q. What is the maximum limit of deduction under Section 80D for health insurance premium for senior citizens?
  • A. Rs. 25,000
  • B. Rs. 50,000
  • C. Rs. 75,000
  • D. Rs. 1,00,000
Q. What is the maximum limit of deduction under Section 80E for interest on education loans?
  • A. Rs. 50,000
  • B. Rs. 1,00,000
  • C. No limit
  • D. Rs. 2,00,000
Q. What is the maximum penalty for failure to furnish GST returns?
  • A. Rs. 5,000
  • B. Rs. 10,000
  • C. Rs. 25,000
  • D. Rs. 50,000
Q. What is the maximum penalty for late filing of income tax returns under Section 234F?
  • A. Rs. 1,000
  • B. Rs. 5,000
  • C. Rs. 10,000
  • D. Rs. 50,000
Q. What is the penalty for late filing of income tax returns in India?
  • A. Rs. 1,000
  • B. Rs. 5,000
  • C. Rs. 10,000
  • D. No penalty
Q. What is the penalty for late filing of income tax returns under Section 234F?
  • A. Rs. 1,000
  • B. Rs. 5,000
  • C. Rs. 10,000
  • D. No penalty
Q. What is the penalty for late filing of income tax returns?
  • A. Rs. 1,000
  • B. Rs. 5,000
  • C. Rs. 10,000
  • D. No penalty
Q. What is the primary purpose of GST?
  • A. To increase tax revenue
  • B. To simplify the tax structure
  • C. To reduce tax evasion
  • D. All of the above
Q. What is the rate of GST applicable on most goods and services in India?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST applicable on the supply of goods and services in India?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST applicable on the supply of most goods and services in India?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST on most goods and services in India?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST on most goods and services?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST on most goods?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the rate of GST on the supply of goods and services under the standard rate?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the residential status of an individual who has stayed in India for 120 days in the current financial year and 365 days in the preceding four years?
  • A. Resident
  • B. Non-Resident
  • C. Resident but Not Ordinarily Resident
  • D. Ordinarily Resident
Q. What is the residential status of an individual who has stayed in India for 120 days during the current financial year and 365 days in the preceding four years?
  • A. Resident and Ordinarily Resident
  • B. Non-Resident
  • C. Resident but Not Ordinarily Resident
  • D. Not Applicable
Q. What is the residential status of an individual who has stayed in India for 182 days or more during the current financial year?
  • A. Resident
  • B. Non-resident
  • C. Not ordinarily resident
  • D. Ordinarily resident
Q. What is the residential status of an individual who has stayed in India for 182 days or more during the financial year?
  • A. Non-resident
  • B. Resident but not ordinarily resident
  • C. Ordinarily resident
  • D. Not applicable
Q. What is the residential status of an individual who has stayed in India for 182 days during the current financial year?
  • A. Resident
  • B. Non-resident
  • C. Not ordinarily resident
  • D. Ordinarily resident
Q. What is the residential status of an individual who has stayed in India for 182 days in the current financial year?
  • A. Non-resident
  • B. Resident but not ordinarily resident
  • C. Ordinarily resident
  • D. Partially resident
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