Taxable income and Tax for Individuals

Standard deduction under Income from Salary is

• 50,000

• 50,500

• 30% of net salary

• 1,00,000

Municipal tax paid is deducted if

• paid by tenant

• payable by owner

• paid by owner

• payable by tenant

Standard deduction under Income from house property is

• 20% of Net Annual value

• 30% of Net Annual Value

• 30% of Gross Annual Value

• no standard deduction is allowed

Short term capital gain subject to STT (securities transaction tax)

• Taxed as per slab

• Taxed at 30%

• Taxed at 20%

• Taxed at 15%

Long term capital gain (other than listed Equity shares) is taxed as per slab

• True

• False

Identify the casual income

• Interest income

• Winning from lottery

• Gifts from friend

• winning from horse race

Long term gain (other than listed shares) is taxed

• as per slab

• at 30%

• at 15%

• at 20%

Casual income is taxed

• as per slab

• at 30%

• at 15%

• at 20%

Surcharge is applicable if Total taxable income exceeds

• 20 lakhs

• 30 lakhs

• 50 lakhs

• 40 lakhs

Under new regime contribution to PPF, Life insurance premium paid are allowed as deductions from total taxable income

• True

• False