Question 1

If the employee receives retirement gratuity from more than one employer, he can claim exemption in respect of .

Accepted Answer

A) current employer 
B) previous employer 
C) both employer 
D) not from single employer 
A) current employer 
B) previous employer 
C) both employer 
D) not from single employer

Question 2

The assessment period for income tax on salary is .

Accepted Answer

A) only more than 12 months 
B) 12 months and less than 12 months 
C) only 12 months 
D) 12 months and more than 12 months 
A) only more than 12 months 
B) 12 months and less than 12 months 
C) only 12 months 
D) 12 months and more than 12 months

Question 3

Surcharge is levied at the rate …………….if the income exceeds ` 1 crore of the financial year 2016-17.

Accepted Answer

A) 10% 
B) 12% 
C) 15% 
D) 20% 
A) 10% 
B) 12% 
C) 15% 
D) 20%

Question 4

Which of the following are true regarding taxing the rich?

Accepted Answer

A) additional 10% tax on dividends in excess of ` 10 lakh per annum 
B) surcharge on persons decreased to 12% from 15% 
C) tds at 1% on purchase of luxury cars exceeding value of ` 10 lakh 
D) all of the above 
A) additional 10% tax on dividends in excess of ` 10 lakh per annum 
B) surcharge on persons decreased to 12% from 15% 
C) tds at 1% on purchase of luxury cars exceeding value of ` 10 lakh 
D) all of the above

Question 5

The Payment of Gratuity Act came into force in…………...

Accepted Answer

A) 1973 
B) 1980 
C) 1991 
D) 1972 
A) 1973 
B) 1980 
C) 1991 
D) 1972

Question 6

The following is exempt income from Income Tax:.

Accepted Answer

A) travel concession to employee 
B) remuneration received for valuation of answer scripts 
C) encashment of leave salary whilst in service 
D) perquisites in india 
A) travel concession to employee 
B) remuneration received for valuation of answer scripts 
C) encashment of leave salary whilst in service 
D) perquisites in india

Question 7

The rate of tax for the financial year 2016-17 for the foreign companies is

Accepted Answer

A) 45% 
B) 30% 
C) 40% flat 
D) none of the above 
A) 45% 
B) 30% 
C) 40% flat 
D) none of the above

Question 8

The salary of Member of Parliament is taxable under the head .

Accepted Answer

A) salary 
B) income from other sources 
C) income from business 
D) all of the above 
A) salary 
B) income from other sources 
C) income from business 
D) all of the above

Question 9

The house rent allowance (HRA) under the salary head of Income Tax Act is given by

Accepted Answer

A) section 10 
B) sec 10(13a) 
C) section 11(13b) 
D) section 11 
A) section 10 
B) sec 10(13a) 
C) section 11(13b) 
D) section 11

Question 10

Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is .

Accepted Answer

A) taxable 
B) not taxable 
C) partially taxable 
D) none of the above 
A) taxable 
B) not taxable 
C) partially taxable 
D) none of the above

Question 11

The Income tax rate for the financial year 2016-17 for individual is…………..

Accepted Answer

A) ` 5,00,000 to ` 10,00,000 is 20% 
B) ` 5,50,000 to ` 1,50,000 is 20% 
C) ` 5,00,000 to ` 10,00,000 is 30% 
D) ` 5,00,000 to ` 10,00,000 is 10% 
A) ` 5,00,000 to ` 10,00,000 is 20% 
B) ` 5,50,000 to ` 1,50,000 is 20% 
C) ` 5,00,000 to ` 10,00,000 is 30% 
D) ` 5,00,000 to ` 10,00,000 is 10%

Question 12

Tax Liability for the individual for 2016-17 who is not the resident of the India whose income ` 2,50,000 to ` 5,00,000 is……………….

Accepted Answer

A) 10% of total income minus ` 2,00,000 
B) 10% of total income minus ` 1,00,000 
C) 15% of total income minus ` 1,00,000 
D) none of the above 
A) 10% of total income minus ` 2,00,000 
B) 10% of total income minus ` 1,00,000 
C) 15% of total income minus ` 1,00,000 
D) none of the above

Question 13

Encashment of earned leave is given by………………. of Income Tax Act, 1961.

Accepted Answer

A) section 10(10aa) 
B) section 12(10a) 
C) section 15(10b) 
D) none of the above 
A) section 10(10aa) 
B) section 12(10a) 
C) section 15(10b) 
D) none of the above

Question 14

The children education allowance, the amount exempted from taxable income is limited to

Accepted Answer

A) 100 per month per child upto 3 children 
B) 1,000 per year per child upto 2 children 
C) 100 per month per child upto 2 children 
D) none of the above 
A) 100 per month per child upto 3 children 
B) 1,000 per year per child upto 2 children 
C) 100 per month per child upto 2 children 
D) none of the above

Question 15

Advance salary is taxable and advance against salary is .

Accepted Answer

A) fully taxable 
B) partially taxable 
C) not taxable 
D) none of the above 
A) fully taxable 
B) partially taxable 
C) not taxable 
D) none of the above

If the employee receives retirement gratuity from more than one employer, he can claim exemption in respect of .

The assessment period for income tax on salary is .

Surcharge is levied at the rate …………….if the income exceeds ` 1 crore of the financial year 2016-17.

Which of the following are true regarding taxing the rich?

The Payment of Gratuity Act came into force in…………...

The following is exempt income from Income Tax:.

The rate of tax for the financial year 2016-17 for the foreign companies is

The salary of Member of Parliament is taxable under the head .

The house rent allowance (HRA) under the salary head of Income Tax Act is given by

Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is .

The Income tax rate for the financial year 2016-17 for individual is…………..

Tax Liability for the individual for 2016-17 who is not the resident of the India whose income ` 2,50,000 to ` 5,00,000 is……………….

Encashment of earned leave is given by………………. of Income Tax Act, 1961.

The children education allowance, the amount exempted from taxable income is limited to

Advance salary is taxable and advance against salary is .

Income Tax Act 1961

Income From House Property

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

Filters

Exam 2: Income From Salary

If the employee receives retirement gratuity from more than one employer, he can claim exemption in respect of .

The assessment period for income tax on salary is .

Surcharge is levied at the rate …………….if the income exceeds ` 1 crore of the financial year 2016-17.

Which of the following are true regarding taxing the rich?

The Payment of Gratuity Act came into force in…………...

The following is exempt income from Income Tax:.

The rate of tax for the financial year 2016-17 for the foreign companies is

The salary of Member of Parliament is taxable under the head .

The house rent allowance (HRA) under the salary head of Income Tax Act is given by

Under Section 15 of Income Tax Act, the salary due in previous years and even if it is not received is .

The Income tax rate for the financial year 2016-17 for individual is…………..

Tax Liability for the individual for 2016-17 who is not the resident of the India whose income ` 2,50,000 to ` 5,00,000 is……………….

Encashment of earned leave is given by………………. of Income Tax Act, 1961.

The children education allowance, the amount exempted from taxable income is limited to

Advance salary is taxable and advance against salary is .

Income Tax Act 1961

Income From House Property

Capital Gain

Assessment of Various Entities

Miscellaneous and Computation of Total Taxable Income of an Individual

Filters