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Day 2 - Back to Basics

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

Surcharge of 10% (percent) is payable by an Individual where the total income exceeds:

a)

Rs. 7,50,000

b)

Rs. 8,50,000

c)

Rs. 50,00,000

d)

Rs. 20,00,000

2.

According to new tax regim  , what will be tax rate if total income exceeding Rs. 15,00,000 ?

a)

1.30%

b)

2.10%

c)

3.15%

d)

4.25%

3.

What will be the leviable tax rate as per alternative minimum tax u/s 115JC ?

a)

10%

b)

12.5%

c)

30%

d)

18.5%

4.

Under which section rebate u/s 87A is not available ?

a)

111A

b)

115JB

c)

112A

d)

115BAC

5.

What will be the rate of surcharge in case of foreign company when net total income > 1 crore but upto Rs 10 crore ?

a)

7%

b)

2%

c)

5%

d)

12%

6.

In case of domestic company total turnover or gross receipts of P.Y 2018-19 upto ___________ then applicable tax rate is 25%

a)

450 crore

b)

600 crore

c)

400 crore

d)

500 crore

7.

Surcharge @12 is payable by a domestic company if the total income exceeds

a)

10 lakhs

b)

1 crore

c)

10 crore

d)

None of the above

8.

Which of the following allowance/deduction is available under new tax regime?

a)

Helper allowance

b)

Children education allowance

c)

House rent allowance

d)

Transport allowance

9.

From which P.Y the new tax regime is available?

a)

P.Y.2019-20

b)

P.Y.2020-21

c)

P.Y.2021-22

d)

P.Y.2018-19

10.

Which form the taxpayer has to furnish to the income tax department before filing the tax return if the taxpayer intends to opt new tax regime?

a)

Form 10IE

b)

Form10IB

c)

Form10IC

d)

Form10ID

11.

The total income of Atul , a resident individual ,is Rs.265000. the rebate allowable u/s 87A would be

a)

Rs. 2000

b)

Nil

c)

Rs. 1500

d)

Rs.750

12.

Tax on short term gain on sale of listed shares is

a)

20%

b)

25%

c)

30%

d)

15%

13.

Which of the following is eligible for 100% deduction?

a)

National children fund

b)

Rajiv Gandhi  foundation

c)

National sports fund

d)

Nehru  memorial  fund

14.

Advance tax is payable when tax payable by an assessee is ___________ or more

a)

Rs.5000

b)

Rs.10000

c)

Rs.15000

d)

Rs.100000

15.

Section 10 of income tax act deals with

a)

Deduction

b)

Exempted incomes

c)

Income from salary

d)

Casual income