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Questions and Answers
What is the tax treatment of agricultural income in India?
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?
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?
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?
What is the maximum limit for tax-free gratuity received by an employee under Section 10(10) of the Income Tax Act?
Which of the following is a permissible deduction under Section 80C of the Income Tax Act?
Which of the following is a permissible deduction under Section 80C of the Income Tax Act?
Under which section of the Income Tax Act, 1961, are individuals categorized as 'residents' and 'non-residents' for tax purposes?
Under which section of the Income Tax Act, 1961, are individuals categorized as 'residents' and 'non-residents' for tax purposes?
Which of the following is NOT considered as a 'source' of income under the Income Tax Act?
Which of the following is NOT considered as a 'source' of income under the Income Tax Act?
Which of the following is considered as a "person" for income tax purposes?
Which of the following is considered as a "person" for income tax purposes?
Which form is used by individuals to file their income tax returns if they have income from salary, house property, and other sources?
Which form is used by individuals to file their income tax returns if they have income from salary, house property, and other sources?
What is the tax rate on long-term capital gains for individual taxpayers in India?
What is the tax rate on long-term capital gains for individual taxpayers in India?
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