Q. If a resident individual has income from foreign sources, how is it taxed in India?
-
A.
Only if it is repatriated
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B.
Only if it exceeds Rs. 2,50,000
-
C.
Taxed as per Indian tax laws
-
D.
Not taxed at all
Solution
Income from foreign sources is taxed in India as per Indian tax laws for resident individuals.
Correct Answer:
C
— Taxed as per Indian tax laws
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Q. If an individual earns a salary of Rs. 6,00,000 and has deductions of Rs. 1,50,000, what is the taxable income?
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A.
4,50,000
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B.
5,00,000
-
C.
6,00,000
-
D.
7,50,000
Solution
Taxable income is calculated as Gross Salary minus Deductions. Therefore, 6,00,000 - 1,50,000 = 4,50,000.
Correct Answer:
A
— 4,50,000
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Q. What is the limit for standard deduction for salaried individuals for the financial year 2022-23?
-
A.
30,000
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B.
50,000
-
C.
1,00,000
-
D.
1,50,000
Solution
The limit for standard deduction for salaried individuals for the financial year 2022-23 is Rs. 50,000.
Correct Answer:
B
— 50,000
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Q. What is the maximum limit of deduction under Section 80D for health insurance for a family including parents?
-
A.
25,000
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B.
50,000
-
C.
75,000
-
D.
1,00,000
Solution
The maximum limit of deduction under Section 80D for health insurance for a family including parents is Rs. 1,00,000.
Correct Answer:
D
— 1,00,000
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Q. What is the tax rate for income above Rs. 10,00,000 for individual taxpayers in the financial year 2022-23?
-
A.
10%
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B.
20%
-
C.
30%
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D.
40%
Solution
For individual taxpayers, the tax rate for income above Rs. 10,00,000 is 30%.
Correct Answer:
C
— 30%
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Q. Which of the following is an exemption under Section 10?
-
A.
House Rent Allowance
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B.
Leave Travel Allowance
-
C.
Gratuity
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D.
All of the above
Solution
All of the options listed (House Rent Allowance, Leave Travel Allowance, Gratuity) are exemptions under Section 10.
Correct Answer:
D
— All of the above
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