Income Tax Basics for Individuals

Income Tax Basics for Individuals - Competitive Exam Level

Q. What is the rate of GST on the supply of goods and services under the standard rate?

Solution

The standard rate of GST on the supply of goods and services is 18%.

Correct Answer: C — 18%

Q. What is the threshold limit for tax audit for a business in India for the financial year 2022-23?

Solution

The threshold limit for tax audit for a business in India is 1 crore for the financial year 2022-23.

Correct Answer: B — 2 crore

Q. Which of the following is considered as a capital asset under the Income Tax Act?

Solution

A residential house is considered a capital asset under the Income Tax Act.

Correct Answer: C — Residential house

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