Taxes and Income 19-24

What is the purpose of filing an income tax return?

• a) To receive free money from the government
  

• b) To report income and pay taxes if applicable
  

• c) To avoid earning money legally
  

• d) To increase personal expenses
  

Which of the following is NOT a source of taxable income in India?

• a) Salary from a job
  

• b) Interest earned from savings accounts
  

• c) Profit from stock market investments
  

• d) Gifts received from immediate family
  

What is the purpose of PAN (Permanent Account Number) in taxation?

• a) It helps track financial transactions and tax payments

• b) It is only used for withdrawing money from banks
  

• c) It is a type of loan provided by the government
  

• d) It is required for getting a driving license
  

Which type of tax is deducted directly from an individual’s salary?

• a) Excise duty
  

• b) Income tax (TDS - Tax Deducted at Source)
  

• c) GST (Goods and Services Tax)
  

• d) Custom duty
  

If a person earns income from freelancing, what tax do they need to pay?

• a) No tax, freelancing is tax-free
  

• b) GST only, not income tax
  

• c) Income tax as per applicable tax slabs
  

• d) Entertainment tax