Income Tax Law and Practice - CIE 2 Quiz

Income Tax Law and Practice - CIE 2 Quiz

University

18 Qs

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Income Tax Law and Practice - CIE 2 Quiz

Income Tax Law and Practice - CIE 2 Quiz

Assessment

Quiz

Financial Education

University

Practice Problem

Hard

Created by

Shivaprasad P

Used 4+ times

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18 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following components is included under "Income from Salary"?

Rent from house property

Basic salary, bonuses, and allowances

Interest on savings

Capital gains

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the standard deduction available for salaried individuals for AY 2024-25?

₹10,000

₹20,000

₹50,000

₹1,00,000

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not considered as "Perquisite" under the Income Tax Act?

Rent-free accommodation

Employer-provided vehicle for personal use

Interest on home loan

Free or concessional education to children

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Income from Salary is taxed on a:

Due/Receipt Basis

Hybrid Basic

Only Cash basis

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which allowance is fully exempt for transport provided to handicapped employees?

₹1,600 per month

₹3,200 per month

₹2,400 per month

₹5,000 per month

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Perquisites under the Income Tax Act refer to:

Benefits in cash only

Monetary benefits only

Benefits in cash or kind provided by the employer

Allowances provided by the employer

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The value of rent-free unfurnished accommodation provided by a private employer in a non-metro city (population is more than 10 lakh but less than 25 lakh) is valued at:

5% of salary

10% of salary

15% of salary

20% of salary

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