MULTIPLE CHOICE QUESTIONS - BASICS OF INCOME TAX
LAW
1. The Central Government has been empowered
by entry of the Union list of Schedule VII of the
constitution of India to levy tax on income other than agricultural income.
A. 84
B. 82
C. 81
D. 85
2. The Income tax act, 1961 came into force
w.e.f........ _ A.
Is' April, 1962
B. 31st March, 1961
C. 1st April, 1961
D. None of above
3. Amongst the following is empowered to levy tax on agricultural
income.
A. Central Government
B. State Government
C. Commissioner
D. President
4. Circulars and Notifications are binding on the
A. Central Board of Direct Taxes (CBDT)
B. Assessee
C. Income Tax Appellate Tribunal (ITAT)
D. Income Tax Authorities
5. Supreme Courts precedent in binding on
A. Courts
B. Appellate Tribunals
C. Income Tax Authorities
D. All of the above.
6. High Court's precedents are not binding on
A. Tribunal
B. Income Tax Authorities
C. Assessee
D. None of the above.
7. Wherever in the Act the phrase as prescribed appears it means that -
A. Regulations are to be framed is in this respect.
B. Rules have been framed in this respect.
C. Regulations were earlier framed in this respect.
D. Regulations are framed in
this respect.
8. Who amongst the following confers on the power to issue circulars and clarifications?
A. ITAT
B. Central Government
C. CBDT
D. State Government
9. Amendments by the finance act are made applicable from
A. First day of next financial year
B. First day of the same financial year
C. Last day of the same Accounting year
D. None of the above.
10. Income Tax is charged in -
A. Financial Year
B. Assessment Year
C. Previous Year
D. Accounting Year
11. A person includes:
A. Only Individual
B. Only
Individual and HUF
C. Individuals, HUF, Firm, Company only
D. Individuals,
HUF, Company, Firm,
AOP or BOI, Local
Authority, Every Artificial
Juridical
Person
12. As per section 2(31), the following is not included in the definition of 'person'
A.
An individual
B. A Hindu undivided family
C. A company
D. A minor
13. Every assessee is a person, and -
A. every person is also an assessee
B. every person need not be an assessee
C. an individual is always an assessee
D. A HUF is always an assessee
14. Describe the status of the following person
(i.e. individual, HUF, Firm, Company etc.) X and Yare legal heirs
of Z. Z
died in 2018
and X and
Y carry on
his business without
entering into a partnership.
A. Firm
B. Limited Liability Partnership
C. Company
D. Body of Individual
15. Assessment year can be a period of :
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
16. Year in which income is taxable is known as and year in which income is earned is known as
----
A. Previous year, Assessment year
B. Assessment year, Previous year
C. Assessment year, Assessment year
D. Previous year, Previous year
17. The year in which the income is earned is
known as
A. Previous
year
B. Financial year
C. Both (A) or (B)
D. None of the above.
18. All assessments are required to follow:
A. Uniform previous year which must be
calendar year only
B. Uniform previous year which must be the financial year only
C. Any period of 12 months
D. Period starting from 1st July to 30th June
only
19. XYZ LLP falls under which---------- category of person -
A. Individual
B. Partnership firm
C. Company
D. Association of person
20. Municipality of Delhi falls under----- category of person-
A. Artificial
juridical person
B. Local authority
C. Individual
D. Association of Person
21. Under the Income Tax Act partnership firm includes -
A. Limited liability
partnership
B. Limited liability company
C. One person company
D. Association of persons
22. A.O.P should consist of :
A. Individual only
B. Persons other than individuals only
C. Both individual and non-individual persons.
D. None of these
23. Body of an individual should consist of :
A. Individual only
B. Persons other than individuals only
C. Both individual and non-individual persons.
D. None of these
24. A person becomes a member of HUF by –
A. Contract
B. Agreement
C. Popularity
D. Status
25. In order to be assessed as HUF there should
be –
A. Partnership
B. Co-Partnership
C. Co-Partnership
D. Co-Ownership
26. Section of the Income-tax Act, 1961 defines the term 'person' –
A. 4
B. 2(31)
C. 5
D. 2(32)
27. --------------must be one in which two or
more persons join in for a common purpose or common action with the object of
earning income or profits or gains.
A. Partnership
B. Co-ownership
C. Body of Individuals
D. Association of Persons
28. Which amongst the following is Artificial
Juridical Person?
A. Corporation
B. Local Fund
C. District Board
D. None of these
29. Previous year is defined in -
A. Section 2(34)
B. Section 2(9)
C. Section 3
D. Section 4
30. Financial year means a year commencing on –
A. 31st March of the period
B. 1" day of the April
C. Mid of the year
D. None of these
31. First previous year in case of a business/profession newly set up on 31-3-2019 would:
A. Start from 1st April 2018 and end on 31st March 2019
B. Start from 31" March 2019 and will
end on 31st March 2019
C. Start from 1st January 2019 and end on 31st
December 2019
D. Start from 1st January 2019 and will end on
31st March 2019
32. Dr. Ashok commenced medical practice on 1st September 2018. The previous year for the profession for the assessment year 2019-20 would be _
A. 1st April 2018 to 31st March 2019
B. 1st September 2018 to 31st March 2019
C. 1st June 2018 to 31st March 2019
D. 1st September, 2018 to 31st January 2019
33. Income of business commenced on 1st March 2019 will be assessed in the assessment year-
A. 2018-19
B.
2019-20
C.
2020-21
D.
2021-22
34. A person follows a calendar year for accounting. For taxation, he has to follow:
A. Calendar year only:1stJanuary to 31st December
B. Financial year only:1st April to 31st
March
C. Any of the Calendar or Financial year as
per his choice
D. He
will to follow an extended year from
1st January to
next 31st March
(a period of 15
months)
35. In which of the following cases, the income of the previous year is assessable in the previous year itself:
A. Assessment of persons leaving India
B. A person in employment in India
C. A person who is into illegal business
D. A person who is running a charitable
institution
36. In
which of the
following cases, the Assessing
Officer has the
discretion to assess
the income of the previous year in the previous year itself or
in the subsequent assessment year:
A. Shipping business of non-residents
B. Assessment
of Association of
Persons or Body
of Individuals formed
for a particular event or purpose
C. Assessment of persons likely to transfer
property to avoid tax
D. Discontinued business
37. In the case of non-residents engaged in the shipping business in India income earned during the financial year is
A. Taxable in India the same financial year
B. Taxable in India the relevant assessment year
C. Not taxable in India in the same financial year
D. Not taxable in
India.
38. In case of non-residents engaged in shipping
business freight paid or payable to the owner or
charterer shall be deemed to be total income.
A. 5%
B. 10%
C. 7.5 %
D. 20 %
39. Which of the following is an exception
to the previous year's rule?
A. Business or Profession newly set up.
B. Where a source of income is newly set up.
C. Non-resident engaged in the shipping business
D. None of the above.
40. Income Tax is levied on the of a person.
A. Total Income
B. Total Income-Debt
C. Gross Total Income
D. Net Income-Debt Perquisites
41. The
period of 12
months commencing on
the first day
of April every
year is known
as
_
A. Financial Year
B. Assessment Year
C. Previous Year
D. Accounting Year
42. The charging section of the Income-tax Act, of 1961, states that the income earned in a year is taxable in the next year. This is known as
A. Principle of mutuality
B. Previous year rule
C. Financial year rule
D. None of these.
43. Income tax in India is charged at the rates prescribed by -
A. The Finance Act of
the assessment year
B. The Income-tax Act, 1961
C. The Central Board of Direct Taxes
44. A new business was set up on 1st July 2018 and trading activity commenced from 1st September 2018, the previous year would be the period commencing from
A. 1st April 2018 to 31st March 2019
B. 1st July 2018 to 31st March 2019
C. 1st September 2018 to 31st March 2019
D. 1st October 2018 to 31st March 2019.
45. According to section 2(24) definition of 'income' is -------
A. Inclusive
B. Exhaustive
C. Exclusive
D. Descriptive.
46. 'Income' under section 2(24) includes -
(i) The profits and gains of a banking business carried on by a cooperative society with its members.
(ii) Any
advance money forfeited in the course of negotiations for the transfer of capital
assets. Choose the correct option with reference to the above statements _
A. Both (i) and (ii)
B. Only (i)
C. Only (ii)
D. Neither (i) nor (ii).
47. Income includes -
A. Profits and gains
B. Profit in lieu of Salary
C. Income from other sources
D. All of the above
48. Income is divided in heads of Income.
A. 4
B. 5
C. 6
D. 3
49. Income includes -
A. Profits or Gains
B. Capital gains
C. Lottery winnings
D. All of the above
50. The term' income' includes the following types of incomes -
A. ' Legal
B. Illegal
C. Legal and illegal both
D. None of the above,
51. Which of the following income is not included in the term 'income' under the Income-tax Act,
1961 -
A. Profit and gains
B. Dividend
C. Profit in lieu of salary
D. Reimbursement of traveling expenses.
52. Which of the following is not a head of Income?
a. Salaries
b. Income from house Property
c. Capital gains
d. Income from exports
53. Amongst the following which activity will be
taxable?
A. Profits & gains of any insurance
business
B. Income from specific services provided
by carried on by a cooperative
society. Trade, professional or similar
association.
C. The profits and gains of any banking
business carried on by a cooperative society.
D. All of the above.
54. AB & Co. received Rs.`2, 00,000 as
compensation from CD & Co. for the premature termination of the contract with the agency. The amount so received is -----
A. Capital receipt and taxable
B. Capital receipt and not taxable
C. Revenue receipt and taxable
D. Revenue receipt and not taxable
55. Subsidy if given as assistance to carry on business already commenced is a -----
A. Revenue receipt
B. Capital receipt
C. It is not a receipt
D. None of these
56. Which of the following is not included in taxable income -
A. Income from smuggling activity
B. Casual income
C. Gifts of personal nature subject to a
maximum of `50,000 received in cash
D. Income received in kind.
57. Compensation on account of loss of profit is -
A. Revenue receipt
B. Capital receipt
C. Revenue expenditure
D. Capital expenditure
58. Out of the following, which of the capital receipt is not taxable:
A. Capital
gains of Rs.` 10,00,000
B. Amount of Rs.`5,00,000 won by way of
lottery, games, puzzles
C. Amount of Rs.`2,00,000 received by way of
gift from relatives
D. Amount of Rs.`1,00,000 received by way of
gift from a friend on marriage anniversary
59. In case the Key man insurance policy is taken
in name of any other person any sum received on its maturity by such person
shall be taxable under the head -
A. Salaries
B. Profits & Gains of Business or
Profession
C. Capital Gains
D. Income from Other Sources
60. Method of Accounting is not relevant for –
A. Salaries
B. Income from House Property
C. Capital Gains
D. All of the above
61. Income tax in India is charged at the rate(s) prescribed by -
A. The Finance Act
B. The Income-tax Act
C. The Central Board of Direct Taxes
D. The Ministry of Finance.
62. Which of the following is not included in taxable income -
A. Reimbursement of expenses
B. Cash gifts received from non-relatives
C. Income from illegal activity
D. Profit on sale of equity shares of an unlisted
company.
63. The
Central Government has notified Income computation and disclosure standards for computing income under the head Profits and Gains of Business and
Profession -.
A. 2
B. 5
C. 8
D. 10
64. An individual is said to have a substantial
interest in concern if he or she, along with his or her relatives, is, at any
time during the previous year, a 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.
A. 20% ,10%
B. 10% ,20%
C. 10%, 10%
D. 20% ,20%
65. Surcharge @ 12 is payable by a domestic company if the total income exceeds.
A. Rs.` 10 lakhs
B. Rs.` 1 crore
C. Rs.` 10 crore
D. None of the above.
66. Surcharge @ 7 is payable by a domestic
company if the total income exceeds.
A. Rs.` 10 lakhs
B. Rs.` 50 lakhs
C. Rs.` 1 crore
D. Rs.` 10 crores.
67. The tax exemption limit for a resident senior citizen is -
A. Up to Rs.` 2,00,000
B. Up to Rs.` 5,00,000
C. Up to Rs.` 1,80,000
D. Up to Rs.` 3,00,000
68. The tax exemption limit for a resident Super senior citizen is -
A. Up to Rs.` 2,00,000
B. Up to Rs.` 5,00,000
C. Up to Rs.` 1,80,000
D. Up to Rs.` 3,00,000
69. Surcharge of 15% is payable by an individual where the total income exceeds:
A. Rs.` 7,50,000
B. Rs.` 8,50,000
C. Rs.` 1,00,00,000
D. None of the three
70. The maximum amount on which income tax is not chargeable in case a cooperative society is:
A. Rs.` 50,000
B. Rs.` 30,000
C. Rs.` 20,000
D. Nil
71. Additional surcharge (health and education cess) of 4 percent is payable on-
A. Income tax
B. Income tax plus surcharge
C. Surcharge
D. None of the three
72. What is the maximum amount of income not chargeable to tax in the case of AOP /BOI?
A. Rs.` 2,50,000
B. Rs.` 1,45,000
C. Rs.` 10,000
D. None of these.
73. In the case of a Partnership firm or company and foreign company marginal relief is provided if total income exceeds ` --
A. . Rs. ` 1 crore
B. Rs.` 10 lakhs
C. Marginal relief
D. None of these
74. The total income is rounded off to the nearest multiple of -
A. Rs.`1
B. Rs.`10
C. Rs.`100
D. Rs.`1,000
75. The MMR of 35.88% for Assessment Year 2019-20 is relevant in case of which of the following person if income exceeds 1crore
A. Individual
B. Association of Persons
C. None of (a) and (b)
D. Both of (a) and (b)
76. If a firm's total Income is Rs.` 1,03,00,000,
the marginal relief available to the firm is –
A. Rs.` 3,09,000
B. Rs.` 3,03,000
C. Rs.` 1,60,800
D. None of these.
77. The amount of health and education cess to be collected along with income tax for
assessment year 2019-20 shall be
A. 1 %
B.
2%
C. 3%
D.
4%
78. In respect of a resident assessee, who is of the age of 60 years or more at any time during the previous year but less than 80 years on the last day of the Previous Year relevant to Assessment Year 2019-20:
A. Rebate of tax payable subject to a maximum of Rs.20,000.
B. Higher basic
exemption of Rs.` 1, 50,000.
C. Higher basic exemption of Rs.` 3, 00,000.
D. Higher basic exemption of Rs.` 1,
35,000.
79. Surcharge of 15% is payable by a Hindu Undivided Family (HUF) where the total income exceeds:
A. Rs.` 7,50,000
B. Rs.` 8,50,000
C. Rs.` 1,00,00,000
D. None of the three.
80. In the case of resident HUF, what is the maximum exemption limit for Assessment Year 2019-20:
A. Rs.` 3,00,000
B. Rs.` 2,50,000
C. Rs.` 5,00,000
D. Rs.` 2,20,000
81. In the case of a female individual, who is of 59 years of age, what is the maximum exemption limit for AY? 2019-20:
A. Rs.` 3,00,000
B. Rs.` 2,50,000
C. Rs.` 5,00,000
D. Nil
82. The income-tax payable by a Resident Individual (aged 30 years) for AY. 2019-20 if his total income is Rs.`3,00,000 will be:
A. Rs.` 2,600
B. Rs.` 2,210
C. Rs.` 2,206
D. Nil
83. The income-tax payable by a Non-Resident Individual (aged 30 years) for Assessment Year 2019-
20 if his total income is Rs.` 2,70,000 will be:
A.
Rs.` 2,060
B. Rs.` 2,210
C. Rs.` 2,206
D. Rs.1040
84. The income-tax payable by a Resident
Individual (aged 30
years) for AY.
2019-20 if his
total income is Rs.` 3,01,500 will be:
A. Rs.` 2,630
B. Rs.` 78
C. Rs.` 150
D. Rs.` 2,626
85. The income-tax payable by Mrs. Swati Non-Resident Individual (aged 65 years)
for AY. 2019-20 if her total income is Rs.` 2,75,000 will be:
A. Rs.560
B. Rs.` 2,575
C. Rs.` 2,580
D. Rs.` 1300
86. The income-tax payable by Mr. Bansal
Resident Individual (aged 25 years) for AY. 2019-20 if his total income is Rs.`
4,50,000 will be :
A. Rs.10,400
B. Rs.` 15,450
C. Rs.` 20,600
D. Rs.` 540
87. Arun, a non-resident of India celebrated his 80th birthday on 10th October 2018. If his total income for the previous year is Rs.` 6,00,000, his income tax liability for the previous year 2018-19 is
A. Rs.` 46,350
B. Rs.` 41,200
C. Rs.` 20,600
D. Rs. ‘ 33,800
88. The amount of marginal relief admissible to
Mr. Bansal Resident Individual (aged 25 years) for
AY 2019-20 if his total income is Rs.1,01,00,000 will be :
A. Rs.`3,58,250
B. Rs.` 2,00,000
C. Rs.` 2,20,000
D. Rs.3,56,375
89. The maximum income of ` ---------------is not
chargeable to tax in a case of a non-resident woman of
60 years of
age.
A. Rs.` 2,50,000
B. Rs.` 3,00,000
C. Rs.` 5,00,000
D. Rs.` 10,00,000
90. The tax payable is rounded off to the nearest multiple of -
A. Rs.` 1
B. Rs.` 1,000
C. Rs.` 10
D. Rs.` 100
91. The income-tax payable by a Non-Resident
Individual (aged 30 years) for AY 2019-20 if his total income s Rs. ` 2,75,500
will be:
A. Rs.` 1,326
B. Rs.` 566
C. Rs.` 570
D. Rs.` 2,626
92. The income-tax payable by a Resident Individual (aged 30 years) for AY 2019-20 if his total income is Rs.` 5,00,000 will be:
A. Rs.` 20,600
B. Rs.` 25,750
C. Rs.` 33,990
D. Rs. ‘ 13,000
93. The income-tax payable by a Resident
Individual (aged 30
years) for AY
2019-20 if his total. income is Rs.` 6,00,000 will be:
A. Rs.` 46,350
B. Rs.` 44,290
C. Rs.` 45,000
D. Rs.` 33,475
94. The
income-tax payable by a Resident
Individual (aged 30
years) for AY
2019-20 if his
total income is Rs. ` 16,00,000 will be:
A. Rs.` 3,14,150
B. Rs.` 3,19,000
C. Rs.` 3,04,200
D. Rs.` 3,30,000
95. The income-tax payable by a Non-Resident Individual (aged 62 years) for AY 2019-20 if his total income is Rs. ` 2,90,000 will be:
A. Rs.2,080
B. Rs.`2,060
C. Rs.` 4,120
D. Rs.` 4,000
96. The income-tax payable by a Resident Individual (aged 62 years) for AY 2019-20 if his total income is Rs.` 3,00,000 will be :
A. Nil
B. Rs.`2,060
C. Rs.` 4,120
D. Rs.` 4,000
97. The
income-tax payable by a Resident
Individual (aged 62
years) for AY
2019-20 if his
total income is Rs.` 3,50,000 will be:
A. Rs.` 2,060
B. Rs.` 1,030
C. Rs.` 4,120
D. Nil
98. The
income-tax payable by a Resident
Individual (aged 62
years) for AY
2019-20 if his
total income is Rs.` 3,60,000 will be:
A. Rs.` 1,030
B. Rs.` 6,180
C. Rs.` 8,240
D. Rs. ` 3,120
99. The
income-tax payable by a Resident
Individual (aged 80
years) for AY
2019-20 if his
total income is Rs.` 5,00,000 will be:
A. Nil
B. Rs.` 1,030
C. Rs.` 8,240
D. Rs.` 6,180
100. The income-tax payable by a Resident Individual (aged 80 years) for AY 2019-20 if his total income is Rs. ` 5,10,000 will be:
A. Rs.2,080
B. Rs.` 2,060
C. Rs.`1,030
D. Rs.` 6,180
101. 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
102.
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
103. Calculate the amount of rebate u/s 87
A in case of a resident individual having a 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
104.
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
105. The income-tax payable by XYZ Cooperative society on a total income of Rs.` 50,000 will be
A. Rs.` 12,360
B. Nil
C. Rs.` 20,600
D. Rs.` 12,480
106. Total income is to be rounded off to the nearest
multiple of and tax is to be rounded off to the nearest
multiple of
A. Ten, Rupee
B. Hundred, Ten
C. Ten, Ten
D. Rupee, Rupee
107. Unexplained cash credits are chargeable to tax @
A.
10%
B. 15%
C. 20%
D. 30%
108. Long-term capital gains are chargeable to tax @
A.
10%
B. 15%
C. 20%
D. 30%
109. Short-term capital gains arising on the transfer
of listed equity shares through the recognized stock exchange are chargeable to Tax
@ _
A. 10%
B. 15%
C. 20%
D. 30%
110. Income by way of dividends in excess of Rs, 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 the rate of -
A. 10%
B. 15%
C. 20%
D. 30%
111. Income by way of
royalty in respect of a patent developed and registered in India in respect of a person who is resident in India
is chargeable to tax at the rate of -
A. 10%
B. 15%
C. 20%
D. 30%
112. For a domestic company, the minimum amount
of total income liable for a surcharge and the rate of surcharge applicable
therein are -
A. Rs.` 10 crores and 7 respectively
B. Rs.` 1 crore and 7 respectively
C. Rs.` 1 crore and 12 respectively
D. Rs.` 10 crores and 12 respectively
113. The total income of Atul, a resident
individual, is Rs.` 2, 65,000. The rebate allowable u/s
87 A would
be –
A. Rs.` 2.000
B. Nil
C. Rs.` 1,500
D. Rs.`7, 50.
114. For the previous year 2018-19, taxable income of A Ltd., a domestic company (Turnover
in FY 2016-17 was Rs. ` 2, 49.5 crores) is
Rs.10, 86,920. Its tax liability would be
A. Rs.` 2,82,600
B. Rs.` 3,39,120
C. Rs.` 3,32,770
D. Rs.` 3,35,860
115. For the previous year 2018-19, taxable
income of A Ltd., a domestic company (Turnover
in FY 2016-17 was Exceed Rs.` 2,
50 crores) is Rs.10, 86,920. Its tax liability would be
A. Rs.` 2,82,600
B. Rs.` 4,47,811
C. Rs.` 3,39,120
D. Rs.` 3,35,860
Answer Key
1
82
2
1ST April, 1962
3
State Government
4
Income Tax Authorities
5
All of the above
6
None of Above
7
Regulations are framed in this respect
8
CBDT
9
First day of next financial year
10
Assessment Year
Individuals, HUF, Company, Firm, AOP or
BOI,Local Authority, Every Artificial
11
Juridical Person
12 A minor
13
Every person need not to be an assessee
14
body of individual
15
only 12 months
16
Assessment year, Previous year
17
Previous year
18
Uniform previous year which must be financial year only
19
Partnership firm
20
Local authority
21
Limited liability partnership
22
Both individual and non individual persons
23
Individual only
24
Status
25
Co -Parcenership
26
2(31)
27
Association of Persons
28
Corporation
29
Section 3
30
1" day of the April
31
Start from 31" March, 2019 and will end on 31st March, 2019
32
1st September, 2018 to 31st March, 2019
33
2019-20
34
Financial year only :1st April to 31st March
35
Assessment of persons leaving India
36
Discontinued business
37
Taxable in India the same financial year
38
7.50%
39
Non-resident engaged in shipping business
40
Total Income
41
Assessment Year
42
Previous year rule
43
The Finance Act of the assessment year
44
1st July, 2018 to 31st March, 2019
45 Inclusive
46
Both (i) and (ii)
47
All of Above
48
5
49
All of the above
50
Legal and illegal both
51
Reimbursement of travelling expenses
52
income from export
53
all of above
54
Revenue receipt and not taxable
55
Revenue receipt
56
Gifts of personal nature subject to a maximum of Rs.`50,000
received in cash
57
Revenue receipt
58
Amount of Rs.`2,00,000 received by way of gift from
relatives
59
Income from Other Sources
60
All of the above
61
The Finance Act
62
Reimbursement of expenses
63
10
64
20% ,20%
65
Rs.10
crore
66
Rs.1
core
67
Up to Rs.` 3,00,000
68
Up to Rs.` 5,00,000
69
Rs.`
1,00,00,000
70
Nil
71
Income tax plus surcharge
72
Rs.2,50,000
73
Rs.1
crore
74
10
75
Both of (a) and (b)
76
Rs.1,60,800
77
4%
78
Higher basic exemption of Rs.` 3, 00,000.
79
Rs.`
1,00,00,000
80
Rs.`
2,50,000
81 Rs. 2,50,000
82
Nil
83
Rs.1040
84
Rs.78
85
Rs.1,300
86 Rs.10,400
87
Rs.33,800
88
Rs.3,56,375
89
Rs.-`
2,50,000
90
Rs.-10
91
Rs.1,326
92
Rs.13,000
93
Rs.33,475
94
Rs.3,04,200
95
Rs.2,080
96
Nil
97
Nil
98
Rs.3,120
99
Nil
100
Rs.2,080
101
Rs.3.5
lakh and Rs.` 2,500 respectively
102
Rs.`
33,42,300
103
Rs.2,500
104
Rs.`
5,09,800
105
Rs.`
12,480
106
Ten, Ten
107
30%
108
20%
109
15%
110
10%
111 10%
112
Rs.` 1
crore and 7 respectively
113
Rs.7,50
114
Rs.`
2,82,600
115
Rs.`
3,39,120
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