Financial Planning _9th_ Part 2

Any person liable to pay income tax according to the Income Tax Rules is termed an ___

• Assessee

• Chartered Accountant

• Both 1 and 2

Identify the correct option

• Permanent Accounting Number

• Permanently Account Number

• Permanent Account Number

• Permanent Accounted Number

The amount remaining after these deductions are made, is called ___

• Education Cess

• Income Tax

• Taxable Income

• Deduction

As per Table 1, what is the fixed tax payable for the income above Rs. 10,00,000?

• 12500

• 125000

• 112500

• 125300

Table II belongs to ___ age group

• Minimum 60 years

• Upto 65 years

• Upto 60 years

• None of the above

How much percent of Secondary and Higher Education cess is applicable on amount of income tax?

• Nil

• 1

• 2

• 3

Sumit borrowed a capital of Rs. 50,000 to start his food products business. In the first year he suffered a loss of 20%. He invested the remaining capital in a new sweets business and made a profit of 5%. How much was his profit or loss computed on his original capital?

• +8000

• -8000

• 15%

• 16%

What will be education cess payable on income tax of Rs. 5000?

• 100

• 50

• 250

• 500

Which individuals are considered as super senior citizens?

• Age above 65 years

• Age above 75 years

• Age above 80 years

• Age above 60 years

Rekha spends 90% of the money that she receives every month, and saves Re.120. How much money does she get monthly?

• 120

• 1000

• 1200

• 1400