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Free download in PDF Tax Rate & Basic Concept of Income Tax Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams like UPSC, NDA, SSC etc. These short solved questions or quizzes are provided by Gkseries./p>
(1)
An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an amount equal to 100 of such income-tax or a lesser amount. The maximum amount of total income qualifying for such deduction and the maximum amount of deduction so available is
[A]
Rs.` 5 lakh and Rs.` 2,000 respectively
[B]
Rs.` 3lakh and Rs.` 2,000 respectively
[C]
Rs.` 5 lakh and Rs.` 5,000 respectively
[D]
Rs.` 3.5 lakh and Rs. 2,500 respectively
Answer: Rs.` 3.5 lakh and Rs. 2,500 respectively
(2)
Calculate Income-tax payable by an Individual (aged 30 years) for AY 2019-20 if his total income is Rs. ` 1,01,20,000:
[A]
Rs.`30,33,350
[B]
Rs.`32,47,180
[C]
Rs.` 29,14,900
[D]
Rs.` 33,42,300
(3)
Calculate the amount of rebate u/s 87 A in case of a resident individual having total income of Rs.` 3, 00,000. For A.Y 2019-20
[A]
Rs.` 30,000
[B]
Rs.` 10,000
[C]
Rs.` 2,500
[D]
Rs.` 5,000
(4)
The income-tax payable by a XYZ Inc a foreign company on total income of Rs.` 12,25,500 will be :
[A]
Rs.` 5,09,800
[B]
Rs.` 5,04,906
[C]
Rs.` 3,78,520
[D]
Rs.` 3,78,525
(5)
The income-tax payable by a XYZ Cooperative society on total income of Rs.` 50,000 will be
[A]
Rs.` 12,360
[B]
Nil
[C]
Rs.` 20,600
[D]
Rs.` 12,480
(6)
Total income is to be rounded off to nearest multiple of __ and tax is to be rounded off to nearest multiple of
[A]
Ten, Rupee
[B]
Hundred, Ten
[C]
Ten, Ten
[D]
Rupee, Rupee
(7)
Unexplained cash credits are chargeable to tax @ ___________ _
[A]
10%
[B]
15%
[C]
20%
[D]
30%
(8)
Long term capital Gains are chargeable to tax @ ___________ _
[A]
10%
[B]
15%
[C]
20%
[D]
30%
(9)
Short term capital gains arising on transfer of listed equity shares through recognized stock exchange are chargeable to Tax @ _____ _
[A]
10%
[B]
15%
[C]
20%
[D]
30%
(10)
Income by way of dividends in excess of ` 10 lakh in the case of an individual, Hindu undivided family (HUF) or a firm who is resident in India is chargeable to tax at rate of -
[A]
10%
[B]
15%
[C]
20%
[D]
30%
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