Q. Under GST, what is the threshold limit for registration for service providers?
-
A.
Rs. 20 lakhs
-
B.
Rs. 10 lakhs
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C.
Rs. 15 lakhs
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D.
Rs. 25 lakhs
Solution
The threshold limit for registration for service providers under GST is Rs. 20 lakhs.
Correct Answer:
A
— Rs. 20 lakhs
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Q. What is the maximum amount of deduction available under Section 80D for health insurance premiums for senior citizens?
-
A.
Rs. 25,000
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B.
Rs. 50,000
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C.
Rs. 30,000
-
D.
Rs. 40,000
Solution
The maximum deduction available under Section 80D for health insurance premiums for senior citizens is Rs. 50,000.
Correct Answer:
B
— Rs. 50,000
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Q. What is the maximum limit for claiming deduction under Section 80E for interest on education loans?
-
A.
Rs. 50,000
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B.
No limit
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C.
Rs. 1,00,000
-
D.
Rs. 2,00,000
Solution
There is no maximum limit for claiming deduction under Section 80E for interest on education loans.
Correct Answer:
B
— No limit
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Q. What is the maximum limit for claiming standard deduction for salaried individuals in the financial year 2022-23?
-
A.
Rs. 50,000
-
B.
Rs. 1,00,000
-
C.
Rs. 30,000
-
D.
Rs. 40,000
Solution
The maximum limit for claiming standard deduction for salaried individuals is Rs. 50,000.
Correct Answer:
A
— Rs. 50,000
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Q. What is the tax rate applicable to income above Rs. 10 lakhs for individual taxpayers in India?
-
A.
10%
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B.
20%
-
C.
30%
-
D.
40%
Solution
The tax rate applicable to income above Rs. 10 lakhs for individual taxpayers is 30%.
Correct Answer:
C
— 30%
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Q. Which of the following deductions is available under Section 80C of the Income Tax Act?
-
A.
Health insurance premium
-
B.
Public Provident Fund (PPF) contributions
-
C.
Interest on home loan
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D.
Donations to charitable institutions
Solution
Public Provident Fund (PPF) contributions are eligible for deduction under Section 80C.
Correct Answer:
B
— Public Provident Fund (PPF) contributions
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Q. Which of the following is a taxable supply under GST?
-
A.
Sale of agricultural produce
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B.
Sale of goods by a registered dealer
-
C.
Sale of services by a charitable organization
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D.
Sale of exempt goods
Solution
Sale of goods by a registered dealer is a taxable supply under GST.
Correct Answer:
B
— Sale of goods by a registered dealer
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Q. Which of the following is considered as 'Residential Status' for tax purposes in India?
-
A.
Only citizens of India
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B.
Individuals residing in India for 182 days or more in a financial year
-
C.
Only individuals with Indian passport
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D.
Individuals who have lived abroad for more than 6 months
Solution
An individual is considered a resident if they reside in India for 182 days or more in a financial year.
Correct Answer:
B
— Individuals residing in India for 182 days or more in a financial year
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Q. Which of the following is NOT a type of income exempt from tax under Section 10 of the Income Tax Act?
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A.
Agricultural income
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B.
Dividend income from Indian companies
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C.
Interest on savings bank account
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D.
Income from lottery
Solution
Income from lottery is taxable and not exempt under Section 10.
Correct Answer:
D
— Income from lottery
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