Income tax I - Module I

Which section of Income Tax Act is 'Charging Section'?

• Section 10

• Section 3

• Section 2(31)

• Section 4

What is the rate of surcharge applicable for an individual earning an income of Rs 1,67,00,000 for the AY 23-24

• 10%

• 12%

• 15%

• 25%

The Total Income is arrived at after providing the eligible deduction under section (a)   from Gross Total Income.

Income Tax Act was effective from________ (Date)

• 1/4/1966

• 1/4/1961

• 1/4/1962

• 31/03/1962

An individual can claim an exemption from tax under Sec 87(A) if the Total Income is less than _______ under the old tax slab.

• 2,50,000

• 5,00,000

• 7,00,000

• 3,00,000

A business started on 12/10/2022. What is the Previous year for which income of the business is computed during the Assessment Year 23-24?

• 1/04/22 to 31/03/2023

• 12/10/22 to 31/08/2023

• 1/10/22 to 31/03/23

• 12/10/2022 to 31/03/2023

Rebate under 87(A) is allowable up to ______ as per the new tax regime.

• 12,500

• 20,000

• 25,000

• 30,000

Assesse is a person

• pays tax

• pays tax and penalty

• to whom a notice is sent under the Act

• All the above

Income from lottery winning is treated as _______

• Income from Salary

• Capital Gain

• Income from Other Sources

TDS on Income from Lottery is @

• 10%

• 15%

• 30%

• 50%