BBA - Quiz 2

The income of a Resident and Ordinarily Resident (ROR) in India is taxable:

• All income earned by a Resident and Ordinarily Resident (ROR) in India is taxable.
• Income earned outside India is exempt from tax for RORs.
• RORs are taxed only on foreign income.
• Only income from Indian sources is taxable for RORs.

Income from business controlled from India but operations carried outside India is taxable in the hands of:

• ROR

• RNOR

• ROR and RNOR

• ROR, RNOR and NR

For AY 2025-26, the basic exemption limit for an individual below 60 years is:

• Rs. 1 lakh
• Rs. 3 lakh
• Rs. 5 lakh
• Rs. 2.5 lakh

The rebate under Section 87A (optional tax regime) is available to a resident individual if total income does not exceed:

• Rs. 2 lakh
• Rs. 7 lakh
• Rs. 5 lakh
• Rs. 10 lakh

Under Section 2(31), the term ‘person’ includes:

• GOD

• Political Party

• None of the two

• Both

An assessee in default means:

• A person who has filed return on time

• A person responsible for deduction/collection of tax but failed to do so

• A person with only exempt income

• None of the above

According to Section 4, income tax is charged at:

• Flat rate on all assessees

• Rates prescribed in Finance Act of the relevant year

• Discretionary rate of Assessing Officer

• 30% on all incomes

The term "previous year" as per Section 3 means:

• The financial year immediately preceding the assessment year

• The calendar year preceding assessment year

• Any 12 months chosen by assessee

• The financial year immediately succeeding the assessment year

In the old regime, Non resident senior citizens (60 years or more but less than 80 years) enjoy exemption up to:

• Rs. 2,50,000

• Rs. 5,00,000
• Rs. 1,50,000
• Rs. 3,00,000

Surcharge is levied in the old regime when total income exceeds:

• Rs. 25 lakh
• Rs. 75 lakh
• Rs. 1 crore
• Rs. 50 lakh