Q. What is the tax rate applicable to income above Rs. 10 lakh for individual taxpayers in India?
-
A.
10%
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B.
20%
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C.
30%
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D.
40%
Solution
The tax rate applicable to income above Rs. 10 lakh for individual taxpayers in India is 30%.
Correct Answer:
C
— 30%
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Q. What is the threshold limit for mandatory GST registration for service providers in India?
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A.
Rs. 10 lakh
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B.
Rs. 20 lakh
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C.
Rs. 15 lakh
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D.
Rs. 25 lakh
Solution
The threshold limit for mandatory GST registration for service providers in India is Rs. 20 lakh.
Correct Answer:
B
— Rs. 20 lakh
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Q. Which of the following is a condition for claiming a deduction under Section 80E for interest on education loans?
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A.
Loan must be taken for higher education
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B.
Loan must be taken from a bank only
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C.
Loan must be repaid within 5 years
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D.
Loan must be taken for vocational courses
Solution
The condition for claiming a deduction under Section 80E for interest on education loans is that the loan must be taken for higher education.
Correct Answer:
A
— Loan must be taken for higher education
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Q. Which of the following is a valid deduction under Section 80D?
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A.
Premium paid for health insurance
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B.
Interest on home loan
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C.
Donations to charitable institutions
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D.
Rent paid for residential accommodation
Solution
Premium paid for health insurance is a valid deduction under Section 80D.
Correct Answer:
A
— Premium paid for health insurance
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