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

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

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:

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

4 The income-tax payable by a XYZ Inc a foreign company on total income of Rs.` 12,25,500 will be :

5 The income-tax payable by a XYZ Cooperative society on total income of Rs.` 50,000 will be

6 Total income is to be rounded off to nearest multiple of __ and tax is to be rounded off to nearest multiple of

7 Unexplained cash credits are chargeable to tax @ ___________ _

8 Long term capital Gains are chargeable to tax @ ___________ _

9 Short term capital gains arising on transfer of listed equity shares through recognized stock exchange are chargeable to Tax @ _____ _

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 -