Income tax II Unit IV

Basic exemption limit for individual below 60 years under the old tax regime is:

• ₹3,00,000

• ₹2,50,000

• ₹5,00,000

• ₹2,00,000

Under the new tax regime (2023-24), the tax rate for income between ₹6,00,001 and ₹9,00,000 is:

• 5%

• 10%

• 15%

• 20%

Surcharge is applicable when total income exceeds:

• ₹50 lakh

• ₹25 lakh

• ₹40 lakh

• ₹60 lakh

Health and Education Cess on income tax is levied at:

• 2%

• 3%

• 4%

• 5%

Tax rate for a partnership firm is:

• 25%

• 20%

• 30%

• 10%

Agricultural income is:

• Fully taxable

• Fully exempt

• Partially exempt

• Taxed under business income

Which of the following is a tax-free income?

• Pension

• Capital gains

• Dividend from domestic company (as per conditions)

• Business profits

Relief under Section 89(1) is available for:

• Business losses

• Arrears of salary

• Rent income

• Speculation loss

Which section provides for relief from double taxation?

• Section 87A

• Section 89

• Section 90

• Section 80TTA

Resident individuals having total income up to ₹5,00,000 can avail rebate under:

• Section 80C

• Section 80D

• Section 87A

• Section 24