Q. What is the limit for tax-free gifts received by an individual in a financial year?
-
A.
25,000
-
B.
50,000
-
C.
1 lakh
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D.
2.5 lakhs
Solution
The limit for tax-free gifts received by an individual in a financial year is 50,000.
Correct Answer:
B
— 50,000
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Q. What is the tax rate for income above 10 lakhs for individual taxpayers in the financial year 2022-23?
-
A.
10%
-
B.
20%
-
C.
30%
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D.
40%
Solution
The tax rate for income above 10 lakhs is 30% for individual taxpayers.
Correct Answer:
C
— 30%
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Q. Which of the following is NOT a deduction under Section 80D?
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A.
Health insurance premium for self
-
B.
Health insurance premium for parents
-
C.
Preventive health check-up
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D.
Home loan principal repayment
Solution
Home loan principal repayment is not a deduction under Section 80D.
Correct Answer:
D
— Home loan principal repayment
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Q. Which of the following is NOT a type of income under the Income Tax Act?
-
A.
Salary
-
B.
House Property
-
C.
Capital Gains
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D.
Wealth
Solution
Wealth is not a type of income under the Income Tax Act; it is a separate category for wealth tax.
Correct Answer:
D
— Wealth
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Q. Which section of the Income Tax Act provides for deductions on home loan interest?
-
A.
Section 80C
-
B.
Section 80D
-
C.
Section 24(b)
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D.
Section 10
Solution
Section 24(b) provides for deductions on home loan interest.
Correct Answer:
C
— Section 24(b)
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