A test 4 u from MOHD SUFIYAN
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Questions and Answers

What is the tax treatment of agricultural income in India?

  • Fully taxable
  • partially taxable
  • Tax-free (correct)
  • Taxable only for large-scale agricultural activities
  • What is the penalty for not filing income tax returns within the due date, as per the Income Tax Act?

  • 5% of the tax due
  • 10% of the tax due (correct)
  • 15% of the tax due
  • 20% of the tax due
  • Under Section 10(14) of the Income Tax Act, which of the following allowances is exempt from tax?

  • House Rent Allowance (HRA) (correct)
  • Dearness Allowance (DA)
  • Special Allowance for Performance
  • Conveyance Allowance
  • What is the maximum limit for tax-free gratuity received by an employee under Section 10(10) of the Income Tax Act?

    <p>1 lakh</p> Signup and view all the answers

    Which of the following is a permissible deduction under Section 80C of the Income Tax Act?

    <p>Life insurance premium payment</p> Signup and view all the answers

    Under which section of the Income Tax Act, 1961, are individuals categorized as 'residents' and 'non-residents' for tax purposes?

    <p>Section 6</p> Signup and view all the answers

    Which of the following is NOT considered as a 'source' of income under the Income Tax Act?

    <p>Gifts received from relatives</p> Signup and view all the answers

    Which of the following is considered as a "person" for income tax purposes?

    <p>individuals, Hindu Undivided Families (HUFs), and companies</p> Signup and view all the answers

    Which form is used by individuals to file their income tax returns if they have income from salary, house property, and other sources?

    <p>ITR-1 (Sahaj)</p> Signup and view all the answers

    What is the tax rate on long-term capital gains for individual taxpayers in India?

    <p>15%</p> Signup and view all the answers

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