Q. How is taxable income calculated for an individual?
-
A.
Gross income - Deductions
-
B.
Net income + Exemptions
-
C.
Gross income + Deductions
-
D.
Net income - Exemptions
Solution
Taxable income is calculated as Gross income minus Deductions.
Correct Answer:
A
— Gross income - Deductions
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Q. How is taxable income calculated?
-
A.
Gross income - Deductions
-
B.
Gross income + Deductions
-
C.
Net income - Exemptions
-
D.
Net income + Exemptions
Solution
Taxable income is calculated as Gross income minus Deductions.
Correct Answer:
A
— Gross income - Deductions
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Q. What is the basic exemption limit for individual taxpayers below 60 years of age for FY 2022-23?
-
A.
Rs. 2,50,000
-
B.
Rs. 3,00,000
-
C.
Rs. 5,00,000
-
D.
Rs. 1,50,000
Solution
The basic exemption limit for individual taxpayers below 60 years of age for FY 2022-23 is Rs. 2,50,000.
Correct Answer:
A
— Rs. 2,50,000
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Q. What is the due date for filing income tax returns for individuals in India for the financial year 2022-23?
-
A.
30th June 2023
-
B.
31st July 2023
-
C.
31st August 2023
-
D.
31st December 2023
Solution
The due date for filing income tax returns for individuals in India for the financial year 2022-23 is 31st July 2023.
Correct Answer:
B
— 31st July 2023
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Q. What is the GST rate on most goods and services in India?
-
A.
5%
-
B.
12%
-
C.
18%
-
D.
28%
Solution
The GST rate on most goods and services in India is 18%.
Correct Answer:
C
— 18%
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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
Solution
The maximum penalty for late filing of income tax returns under Section 234F is Rs. 10,000.
Correct Answer:
C
— Rs. 10,000
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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
Solution
An individual who has stayed in India for 182 days or more during the financial year is considered a resident.
Correct Answer:
C
— Ordinarily resident
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Q. What is the threshold limit for tax audit in India for individuals and firms?
-
A.
Rs. 1 crore
-
B.
Rs. 2 crore
-
C.
Rs. 5 crore
-
D.
Rs. 10 crore
Solution
The threshold limit for tax audit in India for individuals and firms is Rs. 2 crore.
Correct Answer:
B
— Rs. 2 crore
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Q. Which form is used for filing income tax returns for individuals with income from salary, house property, and other sources?
-
A.
ITR-1
-
B.
ITR-2
-
C.
ITR-3
-
D.
ITR-4
Solution
ITR-1 is used for filing income tax returns for individuals with income from salary, house property, and other sources.
Correct Answer:
A
— ITR-1
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Q. Which of the following is a valid deduction under Section 80C?
-
A.
Health insurance premium
-
B.
Public Provident Fund (PPF)
-
C.
Interest on home loan
-
D.
Rent paid
Solution
Public Provident Fund (PPF) contributions are eligible for deduction under Section 80C.
Correct Answer:
B
— Public Provident Fund (PPF)
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Q. Which of the following is an exemption under GST?
-
A.
Healthcare services
-
B.
Luxury goods
-
C.
Restaurant services
-
D.
Telecommunication services
Solution
Healthcare services are exempt from GST.
Correct Answer:
A
— Healthcare services
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Q. Which of the following is exempt from GST?
-
A.
Healthcare services
-
B.
Restaurant services
-
C.
Telecommunication services
-
D.
Construction services
Solution
Healthcare services are exempt from GST.
Correct Answer:
A
— Healthcare services
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Q. Which of the following is NOT a valid reason for filing income tax returns?
-
A.
Income exceeds the basic exemption limit
-
B.
Claiming a refund
-
C.
Applying for a loan
-
D.
No income earned
Solution
Filing income tax returns is not required if no income is earned, as there is no tax liability.
Correct Answer:
D
— No income earned
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