Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
Correct Answer :
D. None of the above
Related Questions
House Rent Allowance is exempt from tax
True
False
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
Uncommuted pension received by a Government employee is fully exempt from tax.
True
False
The TDS Certificate issued by an employer to his employees in case of salary income is
Form 16
Form 26
Form 26A
Form 26Q
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
No interest is available if the amount of refund of income tax paid is less than
Rs. 5,000
50% of total tax assessed
10% of total tax assessed
100% of total tax assessed
The rates of income tax are specified in
Income Tax Act 1961
Income Tax Rule 1961
Finance Act
Circular of CBDT
Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first previous year will start from
1st April '05
1st Sept '05
Any of the above
None of the above.
Income of minor child, if clubbed with income of parents, is exempt from tax up to
Rs.1,000
Rs.1,500
Rs.1,200
None of the above
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
Acceleration of income will not be clubbed with the income of the assessee who transfers such income to some other person.
True
False
Which of the following statements is incorrect?
Income tax is a direct tax
Wealth tax is a central govt. tax
Excise duty is an example of direct tax.
Entry tax is a state govt. tax.
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
The amount of taxable income is to be rounded off to the nearest multiple of Re.1 for income tax calculations.
True
False
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
The first income tax act was introduced in the year
1918
1861
1860
1886
Which one of the following taxes is not levied by the State Government?
Entertainment tax
VAT
Professional tax
None of the above.
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
Tax on fringe benefit has been introduced from the assessment year
2000-01
2006-07
2005-06
2004-05
The income of previous year of an assessee is taxed during the following assessment year
True
False
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue
Which of the following income is / are exempt from tax?
Payments received from family income by a member of a HUF
Share of profit received by a partner of a partnership firm.
Any income of an educational institution and hospitals
All of the above
The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get a deduction of Rs.30, 000 under sections 80C to 80U.His Gross Total Income and Net Total income are
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000