Income Tax Section 115BAC Quiz
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Questions and Answers

What is the tax rate for income between 9,00,001 to 12,00,000 under the concessional tax regime specified in section 115BAC(2)?

  • 10%
  • 30%
  • 15% (correct)
  • 20%

    • Which of the following deductions/exemptions are not allowed while computing total income under section 115BAC(2)?

  • Deductions under Chapter VI-A
  • Interest on loan in respect of self-occupied property
  • Exemption in respect of special allowances or benefits
  • Leave travel concession (correct)

    • Under section 115BAC(6), who can exercise the option to opt-out of the concessional tax regime?

  • Only HUFs and AoPs
  • Those who have income chargeable to special rates under Chapter XII (correct)
  • Only artificial judicial persons
  • All taxpayers except Individuals

    • What is the tax rate for income above ` 15,00,000 under the default tax regime under section 115BAC?

    <p>30%</p> Signup and view all the answers

    Which of the following is a condition specified under section 115BAC(2) that needs to be satisfied?

    <p>Utilizing exemptions for special allowances or benefits</p> Signup and view all the answers

    Under the optional tax regime, what is the tax rate for income from 6,00,001 to 9,00,000?

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

    What is one deduction/exemption that would NOT be allowed while computing total income under section 115BAC(2)?

    <p>Entertainment allowance</p> Signup and view all the answers

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