Multiple Choice Questions and Answers on Income Tax Rate & Basic Concept of Income Tax

1 Income-tax in India is charged at the rate(s) prescribed by -

2 Which of the following is not included in taxable income -

3 The Central Government has notified Income computation and disclosure standards for computing income under the head Profits and Gains of Business and Profession - .

4 An individual is said to have substantial interest in a concern if he or she, along with his or her relatives, is, at any time during the previous year, beneficial owner of equity shares carrying or more of the voting power in a company; or entitled to or more of the profits of such concern.

5 Surcharge @ 12 is payable by a domestic company if the total income exceeds.

6 Surcharge @ 7 is payable by a domestic company if the total income exceeds.

7 The tax exemption limit for a resident senior citizen is -

8 The tax exemption limit for a resident Super senior citizen is -

9 Surcharge of 15% is payable by an individual where the total income exceeds:

10 The maximum amount on which income-tax is not chargeable in case a co-operative society is: