Income Tax Quiz

Which of the following is included in income from salary?

• Basic salary
• Allowances
• Perquisites
• All of the above

What is the maximum standard deduction allowed for salaried individuals for the financial year 2022-23?

• Rs. 25,000
• Rs. 50,000
• Rs. 75,000
• Rs. 1,00,000

Under which section of the Income Tax Act is salary income chargeable?

• Section 14
• Section 15
• Section 16
• Section 17

Which of the following is considered when calculating income from house property?

• Annual value of the property
• Municipal taxes paid
• Standard deduction
• All of the above

Panchnama is a

• record of seizure

• record of search

• factual record of observation by Panchas

• None of the above

If a house property is rented out, what is its annual value considered for tax purposes?

• Actual rent received
• Fair market value
• Higher of actual rent or fair market value
• None of the above

What type of asset does capital gains tax apply to?

• Only real estate
• Any capital asset
• Only stocks and bonds
• None of the above

Which of the following is exempt from capital gains tax?

• Sale of residential property after two years
• Sale of agricultural land in rural areas
• Sale of shares listed on recognized stock exchanges after one year
• All of the above

How is long-term capital gain calculated?

• Sale price minus purchase price
• Sale price minus indexed cost of acquisition
• Sale price minus total expenses incurred during sale
• None of the above

Which method can be used to compute profits from business?

• Cash basis only
• Accrual basis only
• Both cash and accrual basis
• None of the above