10 Questions
What is the tax treatment of agricultural income in India?
Tax-free
What is the penalty for not filing income tax returns within the due date, as per the Income Tax Act?
10% 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)
What is the maximum limit for tax-free gratuity received by an employee under Section 10(10) of the Income Tax Act?
1 lakh
Which of the following is a permissible deduction under Section 80C of the Income Tax Act?
Life insurance premium payment
Under which section of the Income Tax Act, 1961, are individuals categorized as 'residents' and 'non-residents' for tax purposes?
Section 6
Which of the following is NOT considered as a 'source' of income under the Income Tax Act?
Gifts received from relatives
Which of the following is considered as a "person" for income tax purposes?
individuals, Hindu Undivided Families (HUFs), and companies
Which form is used by individuals to file their income tax returns if they have income from salary, house property, and other sources?
ITR-1 (Sahaj)
What is the tax rate on long-term capital gains for individual taxpayers in India?
15%
Test your knowledge on income sources under the Income Tax Act with this quiz. Identify which option is NOT considered a source of income according to the Act.
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