Q. In the context of GST, what is the rate of GST applicable on the supply of services?
A.
5%
B.
12%
C.
18%
D.
28%
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Solution
The standard rate of GST applicable on the supply of services is 18%.
Correct Answer:
C
— 18%
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Q. What is the due date for filing income tax returns for individuals for the financial year 2022-23?
A.
30th September 2023
B.
31st July 2023
C.
31st March 2023
D.
15th August 2023
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Solution
The due date for filing income tax returns for individuals is 31st July of the assessment year.
Correct Answer:
B
— 31st July 2023
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Q. What is the maximum limit of deduction under Section 80D for health insurance for a senior citizen?
A.
Rs. 25,000
B.
Rs. 50,000
C.
Rs. 75,000
D.
Rs. 1,00,000
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Solution
The maximum limit of deduction under Section 80D for health insurance for a senior citizen is Rs. 50,000.
Correct Answer:
B
— Rs. 50,000
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Q. What is the maximum limit of deduction under Section 80E for interest on education loans?
A.
Rs. 50,000
B.
Rs. 1,00,000
C.
No limit
D.
Rs. 2,00,000
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Solution
There is no maximum limit for deduction under Section 80E for interest on education loans.
Correct Answer:
C
— No limit
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Q. What is the penalty for late filing of income tax returns under Section 234F?
A.
Rs. 1,000
B.
Rs. 5,000
C.
Rs. 10,000
D.
No penalty
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Solution
The penalty for late filing of income tax returns under Section 234F can be up to Rs. 10,000.
Correct Answer:
C
— Rs. 10,000
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Q. What is the tax rate applicable to a resident individual with a taxable income of Rs. 12,00,000 for the financial year 2022-23 under the old tax regime?
A.
10%
B.
20%
C.
30%
D.
25%
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Solution
The tax rate applicable for income above Rs. 10,00,000 is 30% under the old tax regime.
Correct Answer:
C
— 30%
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Q. Which of the following incomes is exempt from tax under Section 10?
A.
Agricultural income
B.
Salary from foreign employment
C.
Interest on savings account
D.
Dividend from Indian companies
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Solution
Agricultural income is exempt from tax under Section 10.
Correct Answer:
A
— Agricultural income
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Q. Which of the following is a condition for claiming a deduction under Section 80E?
A.
Loan taken for higher education
B.
Loan taken for purchasing a house
C.
Loan taken for business
D.
Loan taken for personal expenses
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Solution
A deduction under Section 80E can be claimed for interest on loans taken for higher education.
Correct Answer:
A
— Loan taken for higher education
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Q. Which of the following is a taxable income under the head 'Capital Gains'?
A.
Sale of a residential house
B.
Gifts received from relatives
C.
Interest on savings account
D.
Salary from employment
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Solution
Sale of a residential house is considered a taxable income under the head 'Capital Gains'.
Correct Answer:
A
— Sale of a residential house
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Q. Which of the following is considered as 'taxable income'?
A.
Gifts received from relatives
B.
Interest on savings account
C.
Inheritance
D.
Agricultural income
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Solution
Interest on savings account is considered taxable income.
Correct Answer:
B
— Interest on savings account
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Q. Which of the following is NOT a condition for claiming HRA exemption?
A.
The employee must live in rented accommodation
B.
The rent paid must exceed 10% of salary
C.
The employee must receive HRA as part of salary
D.
The landlord must be registered for GST
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Solution
The landlord being registered for GST is not a condition for claiming HRA exemption.
Correct Answer:
D
— The landlord must be registered for GST
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Q. Which of the following is NOT a valid deduction under Section 80C?
A.
Public Provident Fund
B.
National Pension Scheme
C.
Health Insurance Premium
D.
Equity Linked Savings Scheme
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Solution
Health Insurance Premium is covered under Section 80D, not 80C.
Correct Answer:
C
— Health Insurance Premium
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