Description : Bonus paid by the employer to the employee is ………… A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
Last Answer : A) Fully Taxable
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 : Salary is defied as per section ………. A) 15(2) B) 16(1) C)17(2) D)17(1)
Last Answer : D)17(1)
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 : 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 : 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 : 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 : 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 : 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 : If the assessee is living in own house HRA is ………….. A) Fully Taxable B) Partly Taxable C) Fully Exempted D) None of these
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 : 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 : 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 : Gratuity is defined as per section ……….. A) 10(10A) B) 10(10AA) C) 10(10) D)10A
Last Answer : C) 10(10)
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 : 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 : 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 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 : 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 : 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 : Educational cess is charges at the rate of …….. A) 2% B) 1% C) 3% D) 5%
Last Answer : C) 3%
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 : 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 : Section 2(9) of Income tax deals with………….. A) Person B) Assessee C) Previous Year D) Assessment Year
Last Answer : D) Assessment Year
Description : Rebate of Income tax is defined as per section …………….. A) 81A B) 87A C) 81C D) 87C
Last Answer : B) 87A
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 : A person with the age of ………… or more is considered as a super senior citizen as per Income tax Act. A) 56 B) 60 C) 80 D) 85
Last Answer : C) 80
Description : There are …………… heads of income A) 3 B) 4 C) 5 D) 2
Last Answer : C) 5
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 is a…………………. A) Professional tax B) Direct tax C) Indirect tax D) Service tax
Last Answer : B) Direct tax
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 : Jose Suarez has been promoted to sales manager at a new firm and is trying to come up with a sales -force compensation method. He would like to have selling expenses relate directly to ... B)Straight salary C)Straight salary plus generous fringe benefits D)Straight commission E)Salary plus a bonus
Last Answer : D)Straight commission
Description : _________ are items offered free or at minimal cost as a bonus for purchasing a product 1. Rebates 2. Premiums 3. Samples 4. Merchandise allowances 5. Coupons
Last Answer : Premiums
Description : ___________ are items offered free or at minimal cost as a bonus for purchasing a product. A)Rebates B)Premiums C)Samples D)Merchandise allowances E)Coupons
Last Answer : B)Premiums
Description : Mention the salary and allowances of the Chief Justice and the other Judges of the Supreme Court. -SST 10th
Last Answer : The Chief Justice of India and other Judges of the Supreme Court are entitled to a nominal monthly salary. They are also entitled to rent-free residential accommodation, other allowances and amenities. In ... advocate of a High Court for at least 10 years. He/She must be a distinguished Jurist.
Description : Mark the correct option MIS account opened on or after 01 Apr 12 a) The rate of interest shall be 8.5 % per annum payable monthly. b) No withdrawal will be allowed before expiry of maturity period 5 years c) No bonus shall be payable d) All the above
Last Answer : d) All the above
Description : Form ACG 20 is denote ----- a. Monthly Bills b. Arrear Bills c . Bonus Bills
Last Answer : a. Monthly Bills
Description : Who determines the salary and allowances of the Chief Minister? -General Knowledge
Last Answer : State Legislature determines the salary and allowances of the Chief Minister
Description : Which one of the following expenditure is not charged on the consolidated fund of India? (1) Salary and allowances of the President of India (2) Salary and allowances of the Vice President of India (3 ... Justice of the Supreme Court of India (4) Salary and allowances of the speaker of the Lok Sabha
Last Answer : (4) Salary and allowances of the speaker of the Lok Sabha Explanation: Salary and allowances of the speakers of the Lok Sabha is not charged on the consolidated fund of India.
Description : On which one of the following funds are salary and allowances of the judges of High Court of the state charged? (1) Consolidated fund of India (2) Consolidated fund of the State (3) Contingency fund of India (4) Contingency fund of the state
Last Answer : (2) Consolidated fund of the State Explanation: Salary is charged on Consolidated Fund of State. But the pension of the High Court judge is given from the Consolidated Fund of India.
Description : The salary and allowances of judges of Supreme Court are charged on
Last Answer : Consolidated Fund of India
Description : Who decides the salary and allowances of the speaker of the Lok Sabha
Last Answer : Parliament