Select the correct option for each question and click 'Submit Test' at the bottom.
1. Income Tax in India is levied under which Act?
2. Income tax is a
3. Previous year means
4. Assessment year is
5. Income tax is charged on
6. Salary income is taxable on
7. Which is NOT a head of income?
8. Total number of heads of income are
9. Income from house property is taxable on
10. Standard deduction from house property is
11. Capital gains arise from
12. Short-term capital gain on equity shares (STT paid) is taxed at
13. Long-term capital gain exemption limit on equity shares is
14. Income from lotteries is taxable under
15. Agricultural income is
16. Which section provides deduction for life insurance premium?
17. Maximum deduction under section 80C is
18. Deduction for medical insurance premium is under
19. Basic exemption limit for individuals (below 60 years) is
20. Surcharge is charged on
21. PAN stands for
22. Advance tax is payable if tax liability exceeds
23. TDS means
24. Income tax return is filed under
25. Residential status is determined for
26. Which is NOT a residential status?
27. Casual income is taxed at
28. Which income is fully exempt?
29. Interest on savings account deduction is under
30. Rebate under section 87A is available to individuals with income up to
31. Professional tax is deducted from
32. Loss from house property can be set off up to
33. Which authority administers income tax in India?
34. Income tax is levied by
35. Which return form is used by salaried individuals?
36. Which income is taxable under “Other Sources”?
37. Gift received from non-relative exceeding ____ is taxable
38. Income tax slabs are announced in
39. Which section deals with depreciation?
40. Income tax return filing due date for individuals is generally
41. Which income is taxable on receipt basis only?
42. Which of the following is a direct tax?
43. Interest on loan for self-occupied house is deductible up to
44. Which income is taxed at special rates?
45. Assessment order is passed by
46. Income tax is calculated on
47. Set-off of losses means
48. Carry forward of business loss is allowed for
49. Which form is used for presumptive taxation?
50. Income tax is an example of
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