Income Tax Section 115BAC Quiz

Play an AI-generated podcast conversation about this lesson

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?

30% Signup and view all the answers

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

Utilizing exemptions for special allowances or benefits 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?

15% Signup and view all the answers

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

Entertainment allowance Signup and view all the answers

Income Tax Section 115BAC Quiz

Podcast Beta

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)?

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

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

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

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

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

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

More Quizzes Like This

Income Tax Act 1961: Section 17(2) and Income from House Property

Section 138 of Income Tax Act Quiz and Flashcards

Section 2(1B) Income Tax Act Quiz: Amalgamation Definition and Flashca...

Upgrade to continue

Income Tax Section 115BAC Quiz

Podcast Beta

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)?

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

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

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

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

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

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

More Quizzes Like This

Income Tax Act 1961: Section 17(2) and Income from House Property

Section 138 of Income Tax Act Quiz and Flashcards

Section 2(1B) Income Tax Act Quiz: Amalgamation Definition and Flashca...

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)?

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