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 (A)</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 (C)</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 (C)</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 (D)</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 (D)</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) (B)</p> Signup and view all the answers

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

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

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