Taxation Basics for Competitive Exam Preparation

Taxation Basics

Q. Which of the following transactions is exempt from GST?

Solution

Export of goods is exempt from GST as it is zero-rated, meaning no tax is levied on exports.

Correct Answer: B — Export of goods

Q. Which section of the Income Tax Act allows for deductions on investments in specified savings instruments?

Solution

Section 80C of the Income Tax Act allows for deductions on investments in specified savings instruments.

Correct Answer: A — Section 80C

Q. Which section of the Income Tax Act allows for deductions on investments in specified savings schemes?

Solution

Section 80C allows for deductions on investments in specified savings schemes.

Correct Answer: A — Section 80C

Q. Which section of the Income Tax Act provides for deductions on home loan interest?

Solution

Section 24(b) provides for deductions on home loan interest.

Correct Answer: C — Section 24(b)

Q. Which section of the Income Tax Act provides for deductions on interest paid on home loans?

Solution

Section 24(b) allows for deductions on interest paid on home loans up to Rs. 2,00,000 for self-occupied property.

Correct Answer: B — Section 24(b)

Q. Which section of the Income Tax Act provides for the deduction of interest on home loan?

Solution

Section 24(b) provides for the deduction of interest on home loan.

Correct Answer: B — Section 24(b)

Q. Who is responsible for collecting GST?

Solution

The seller is responsible for collecting GST from the consumer and remitting it to the government.

Correct Answer: B — The seller

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