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WorksheetsINCOME TAX
Total questions: 20
Worksheet time: 16mins
Gifts are taxed under
Income tax Act
Wealth Tax Act
Under Gift Tax Act
Negotiable Instruments ct
Income Tax is imposed by
(a) State Government
(b) Central Government
(c) Both of the above
(d) Constitution of India
Income Tax Act was passed in the year_________
1934
1956
1961
1972
An additional health and education cess will be applicable on the tax amount calculated as above
4 Percentage
3 percentage
1 Percentage
All of the above
Percentage of depreciation allowed for Computer & Computer Software is
50%
40%
80%
90%
Which of the following is non capital assets
Jewellery
Debentures
Land
Car for personal used
Deduction under section 80 QQB can be claimed by :
(a) Only Resident Individual
(b) All Resident Persons
(c) All Non-residents
(d) All of the above.
Adjusted Gross Income
= ______________ - ___________
Gross Income - Adjustments
Gross Income - Deductions
Taxable Income - Deductions
Taxable Income - Gross Income
Income from lottery winning is treated as _______
Income from Salary
Capital Gain
Income from Other Sources
TDS on Income from Lottery is @
10%
15%
30%
50%
Sec 80C applies on
Company
Firm
Individual and HUF
Co-operative society
Income tax is collected on all types of income except _______________.
Agricultural Income
Industrial Income
Capital Gain
Household property
The definition of the person includes _______________.
An individual
A Company
A HUF
All
After claiming benefit under section 54, if new house is transferred within a period of _____ from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.
1 year
3 years
5 years
7 years
Tax on short term capital gain on sale of listed shares is
A. 10%
B. 15%
C. 20%
D. 30%
The rate of tax on LTCG in excess of Rs. 1,00,000 from equity shares or specified units covered u/s 112A shall be.......
A. 5%
B. 10%
C. 15%
D. 20%
The income tax rate on a long term capital gain for an individual is:
A. 10%
B. 20%
C. 15%
D. 30%
No deduction u/s 80C to 80U is allowed from _____________
STCG
LTCG
Both LTCG & STCG
None of the above
Which of the following is not a capital Asset?
Stock in Trade
Agricultural land
Gold Bonds
All of the above
The property being capital asset may or may not be connected with the _____________ of the taxpayer
Income
Business or Profession
Both A & B
None of the above
