Description : As per Income tax Act, Person includes …………… A) Individual B) HUF C) Local Authority D) All of the above
Last Answer : D) All of the above
Description : According to the Income Tax act of 1961, the age of Super senior Citizens should be _______ A. 60 years B. 70 years C. 80 years D. 75 years E. 65 years
Last Answer : C. 80 years Explanation: According to the Income Tax act of 1961, the age of Super senior Citizens is 80 years.
Description : Income exempted from tax are stated in the section……. Of Income Tax Act. A) 5 B) 10 C) 12 D) 8
Last Answer : B) 10
Description : Income tax rates are fixed in…………….. A) Income tax Act B) Finance Act C) Income tax rules D) Finance rules
Last Answer : B) Finance Act
Description : Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956
Last Answer : C) 1st April 1962
Description : Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972
Last Answer : C) 1961
Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C
Last Answer : B) 87A
Description : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
Description : When the income earned in an year is taxed in the same year, it is called ………………….. A) Advanced Assessment B) Super Assessment C) Accelerated Assessment D) None of the above
Last Answer : C) Accelerated Assessment
Description : The highest Administrative Authority for Income Tax in India is............ A) Finance Minister. B) CBDT. C) President of India. D) Director of Income Tax.
Last Answer : B) CBDT
Description : Income tax is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax
Last Answer : B) Direct tax
Description : A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least ............................. days to become a resident A) 90 days B) 162 days C) 180 days D) 182 days
Last Answer : D) 182 days
Description : Agricultural income in Pakistan is assessable for........................ A) Resident B) Not Ordinarily Resident C) Non-resident D) Not taxable
Last Answer : A) Resident
Description : Income from Salary is explained in the section …………………… A) 12 to 14 B) 15 to 17 C) 18 to 22 D) 24 to 26
Last Answer : B) 15 to 17
Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these
Last Answer : C) Not Allowed
Description : Surcharge is levied when the total income exceeds ………………….. A) 5 Crore B) 10 Crore C) 1 Crore D) 2 Crore
Last Answer : C) 1 Crore
Description : The minimum exceptional limit of income is………………. A) 250,000 B) 200,000 C) 300,000 D) 500,000
Last Answer : C) 300,000
Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2
Last Answer : C) 5
Description : Investment under senior citizen savings scheme qualifies for the benefit of __________ of the Income Tax Act, 1961. A. Section 60C B. Section 70C C. Section 80C D. Section 90C E. None of the Above
Last Answer : C. Section 80C Explanation: Investment under this scheme qualifies for the benefit of Section 80C of the Income Tax Act, 1961.
Description : Children hostel allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.200 C) Rs.250 D) Rs.300
Last Answer : D) Rs.300
Description : Children education allowance is exempt up to per month per child for two children. A) Rs.100 B) Rs.150 C) Rs.200 D) Rs.250
Last Answer : A) Rs.100
Description : Entertainment allowance is allowed as a deduction as per section …………… A) 16 B) 16(i) C) 16(ii) D) 16(iii)
Last Answer : C) 16(ii)
Description : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
Description : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
Last Answer : D)17(1)
Description : Foreign allowance is a ……………. A) Fully Exempted Allowance B) Fully Taxable Allowance C) Partly Exempted Allowance D) None of these
Last Answer : A) Fully Exempted Allowance
Description : Transport allowance given by the employer to the employee is exempt up to ……….. A) Rs.1000p.m B) Rs.1600p.m C) Rs.1000p.a D) Rs.1600p.a
Last Answer : B) Rs.1600p.m
Description : Any allowance granted for encouraging research, academic and other professional pursuit is called ……………………… A) Research Allowance B) Academic Allowance C) Higher Educational Allowance D) Educational Allowance
Last Answer : any allowance granted from encouraging research or Academy and other professional fruit suit is called what
Description : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : A) Fully Taxable
Description : Rule ….. explain the taxation of HRA A) 2 B) 2A C) 2AA D) 2AB
Last Answer : 2A
Description : HRA is ……………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : B) Partly Taxable
Description : Payment made by an employer to employee monthly, other than salary is called …………. A) Bonus B) Allowances C) Benefits D) None of these
Last Answer : B) Allowances
Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Description : When an URPF is recognized, the balance so transferred is called …………. A) Recognized PF B) Transferred PF C) Recognized Balance C) Transferred Balance
Last Answer : C) Transferred Balance
Description : Dividend from an Indian Company is ………………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : C) Fully Exempted
Description : Who is assessee in case of a HUF? A) Karta B) Coparceners C) Deemed Karta D) None of these
Last Answer : A) Karta
Description : A Company has …………. types of residential status. A) 2 B) 3 C) 1 D) 4
Last Answer : A) 2
Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions
Last Answer : B) One Basic Condition and Both Additional Conditions
Description : CBDT is control by ………………………………….. A) Central Government B) State Government C) Both (A) and (B) D) None of this above
Last Answer : A) Central Government
Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes
Last Answer : B) Central Board of Direct Taxes
Description : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%
Last Answer : C) 3%
Description : Assessment year is the period of 12 months commencing from ……………. Every year. A) 1st March B) 31st March C) 1st April D) 30 th April
Last Answer : C) 1st April
Description : Mark the correct option continuation of senior citizen account after death of the depositor a) In case of joint account (Senior citizen) or where spouse is the sole nominee, the spouse may continue ... account, the spouse cannot continue account after death of the 1st depositor d) All the above
Last Answer : d) All the above
Description : In your opinion, what age is considered "senior citizen?"?
Last Answer : My mother still maintains to this day that “old” is ten years older than she is. She turned 97 this summer. I am happy to be considered senior any place that gives me a discount for it.
Description : Where can a senior citizen or disabled person go for free tax return help I am looking for organizations that offer this service throughout the US.?
Last Answer : The IRS has volunteers to help you with tax returns for the disabled and elderly. You can find out about this volunteer program at http://www.irs.gov/individuals/article/0,,id=107626,00.html.
Description : A sample of natural gas containing 80% methane (CH4 ) and rest nitrogen (N2 ) is burnt with 20% excess air. With 80% of the combustibles producing CO2 and the remainder going to CO, the Orsat analysis in volume percent is (A) CO2 : 6 ... 96, N2 :72.06 (D) CO2 : 7.60, CO : 1.90, O2 : 4.75, N2 : 85.74
Last Answer : (B) CO2 : 7.42, CO : 1.86, O2 : 4.64, N2 :86.02
Description : Male literacy rate in India according to 2001 census is - (1) 45.96 per cent (2) 56.38 per cent (3) 75.85 per cent (4) 64.13 per cent
Last Answer : (3) 75.85 per cent Explanation: As per the 2001 Census, the literacy rate of India increased from 18.33% in 1951 to 64.84% in 2001. The male literacy rate increased to 75.26%, which showed an ... at a much faster rate of 14.38%. According to 2011 census, male literacy rate in India is 80.9%.
Description : How many reclamation schemes has been completed by the Government? A. 60 B. 70 C. 80 D. 85
Last Answer : ANSWER: C
Description : The ordinary and maximum tolerance limit of sound by human being is – (1) 50 db to 70 db (decibel) (2) 60 db to 80 db (decibel) (3) 65 db to 75 db (decibel) (4) 70 db to 85 db (decibel)
Last Answer : (2) 60 db to 80 db (decibel) Explanation: Normal speech is about 60 dB (decibels). A dangerous sound is anything that is 80 dB or higher which can lead to hearing loss. At 70 dB or ... the risk of harm to healthy ears is negligible. Listening to sound above 80 decibels can cause profound deafness.
Description : When the circuit shown in the illustration is operating correctly, the voltage at the reference electrode will be kept in the optimum range of ____________. EL-0090 A. 0.01 - 0.05 volt B. 0.80 - 0.85 volt C. 35 - 60 volts D. 100 - 115 volts
Last Answer : Answer: B
Description : . Sucrose content in the raw juice extracted from sugar cane is about __________ percent (B) 15 - 20 (A) 1 - 2285 (C) 50 - 60 (D) 80 - 85
Last Answer : (B) 15 - 20