Filing Returns Overview - Applications for Exam Prep

Filing Returns Overview - Applications

Q. What is the maximum deduction available under Section 80C for the financial year 2022-23?

Solution

The maximum deduction available under Section 80C is Rs. 1,50,000.

Correct Answer: A — Rs. 1,50,000

Q. What is the penalty for late filing of income tax returns?

Solution

The penalty for late filing of income tax returns can be up to Rs. 10,000.

Correct Answer: C — Rs. 10,000

Q. What is the residential status of an individual who has stayed in India for 182 days in the current financial year?

Solution

An individual who stays in India for 182 days or more is considered a resident.

Correct Answer: C — Ordinarily resident

Q. What is the threshold limit for GST registration for service providers in India?

Solution

The threshold limit for GST registration for service providers is Rs. 20 lakhs.

Correct Answer: A — Rs. 20 lakhs

Q. Which form is used for filing income tax returns for individuals with income from salary and other sources?

Solution

ITR-1 is used for filing income tax returns for individuals with income from salary and other sources.

Correct Answer: A — ITR-1

Q. Which form is used for filing income tax returns for individuals with income from salary and house property?

Solution

ITR-1 is used for filing income tax returns for individuals with income from salary and house property.

Correct Answer: A — ITR-1

Q. Which of the following is an exempt supply under GST?

Solution

Export of goods is considered an exempt supply under GST.

Correct Answer: B — Export of goods

Q. Which of the following is considered as income under the head 'Income from Other Sources'?

Solution

Interest on savings account is classified under 'Income from Other Sources'.

Correct Answer: C — Interest on savings account

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