Income Tax Basics for Individuals - Real World Applications

Download Q&A
Q. What is the rate of GST applicable on most goods and services in India?
  • A. 5%
  • B. 12%
  • C. 18%
  • D. 28%
Q. What is the threshold limit for tax audit for a business with a turnover in India?
  • A. 1 crore
  • B. 2 crores
  • C. 5 crores
  • D. 10 crores
Q. Which of the following deductions is available for interest paid on housing loans under Section 24(b)?
  • A. Up to 1.5 lakhs
  • B. Up to 2 lakhs
  • C. Up to 3 lakhs
  • D. No deduction
Q. Which of the following is NOT a benefit of filing income tax returns?
  • A. Loan approval
  • B. Claiming refunds
  • C. Avoiding penalties
  • D. Increased tax liability
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