Q. If an individual has a total income of 8 lakhs and claims deductions of 1.5 lakhs, what is the taxable income?
-
A.
6.5 lakhs
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B.
7 lakhs
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C.
8 lakhs
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D.
9.5 lakhs
Solution
The taxable income is calculated as total income minus deductions: 8 lakhs - 1.5 lakhs = 6.5 lakhs.
Correct Answer:
A
— 6.5 lakhs
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Q. What is the basic exemption limit for individual taxpayers below 60 years of age for the financial year 2022-23?
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A.
2.5 lakhs
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B.
3 lakhs
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C.
5 lakhs
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D.
10 lakhs
Solution
For the financial year 2022-23, the basic exemption limit for individual taxpayers below 60 years of age is 2.5 lakhs.
Correct Answer:
A
— 2.5 lakhs
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Q. What is the limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
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A.
30,000
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B.
50,000
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C.
1 lakh
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D.
1.5 lakhs
Solution
The limit for claiming standard deduction for salaried individuals in the financial year 2022-23 is 50,000.
Correct Answer:
B
— 50,000
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Q. What is the maximum amount of deduction available under Section 80D for health insurance for a family including parents?
-
A.
25,000
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B.
50,000
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C.
75,000
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D.
1,00,000
Solution
The maximum deduction available under Section 80D for health insurance for a family including parents is 50,000.
Correct Answer:
B
— 50,000
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Q. What is the rate of GST applicable on the supply of goods and services in India?
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A.
5%
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B.
12%
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C.
18%
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D.
28%
Solution
The standard rate of GST applicable on the supply of goods and services in India is 18%.
Correct Answer:
C
— 18%
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Q. Which of the following is a taxable income under the head 'Income from Other Sources'?
-
A.
Salary
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B.
Rental Income
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C.
Interest on Savings Account
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D.
Capital Gains
Solution
Interest on Savings Account is considered taxable income under the head 'Income from Other Sources'.
Correct Answer:
C
— Interest on Savings Account
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Q. Which of the following is an example of a tax-exempt income?
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A.
Dividend from Indian companies
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B.
Salary
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C.
Rental income
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D.
Interest on fixed deposits
Solution
Dividend from Indian companies is an example of tax-exempt income.
Correct Answer:
A
— Dividend from Indian companies
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Q. Which of the following is considered as 'Residential Status' for tax purposes?
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A.
Ordinary Resident
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B.
Non-Resident
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C.
Resident but Not Ordinarily Resident
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D.
All of the above
Solution
All of the above are considered as 'Residential Status' for tax purposes.
Correct Answer:
D
— All of the above
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Q. Which of the following is NOT a deduction under Section 80C?
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A.
Public Provident Fund
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B.
National Pension Scheme
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C.
Health Insurance Premium
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D.
Equity Linked Savings Scheme
Solution
Health Insurance Premium is not a deduction under Section 80C; it falls under Section 80D.
Correct Answer:
C
— Health Insurance Premium
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