Q. How is taxable income calculated for an individual taxpayer?
-
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. Under which section can an individual claim a deduction for contributions made to the National Pension Scheme (NPS)?
-
A.
Section 80C
-
B.
Section 80D
-
C.
Section 80CCD
-
D.
Section 80E
Solution
Individuals can claim a deduction for contributions made to the National Pension Scheme (NPS) under Section 80CCD.
Correct Answer:
C
— Section 80CCD
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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%
Solution
The rate of GST applicable on the supply of most goods and services in India is 18%.
Correct Answer:
C
— 18%
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Q. What is the tax rate for long-term capital gains on the sale of equity shares in India?
-
A.
10%
-
B.
15%
-
C.
20%
-
D.
30%
Solution
The tax rate for long-term capital gains on the sale of equity shares in India is 10%.
Correct Answer:
A
— 10%
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Q. Which of the following is an allowable deduction under Section 80D for health insurance premiums?
-
A.
Premium paid for self only
-
B.
Premium paid for parents only
-
C.
Premium paid for self and parents
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D.
All of the above
Solution
All of the above are allowable deductions under Section 80D for health insurance premiums.
Correct Answer:
D
— All of the above
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Q. Which of the following is NOT a criterion for determining the residential status of an individual?
-
A.
Duration of stay in India
-
B.
Income earned in India
-
C.
Citizenship
-
D.
Previous residential status
Solution
Citizenship is not a criterion for determining the residential status of an individual.
Correct Answer:
C
— Citizenship
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