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INCOME TAX

Total questions: 20

Worksheet time: 16mins

Name
Class
Date
1.

Gifts are taxed under

a)

Income tax Act

b)

Wealth Tax Act

c)

Under Gift Tax Act

d)

Negotiable Instruments ct

2.

Income Tax is imposed by

a)

(a) State Government

b)

(b) Central Government

c)

(c) Both of the above

d)

(d) Constitution of India

3.

Income Tax Act was passed in the year_________

a)

1934

b)

1956

c)

1961

d)

1972

4.

An additional health and education cess will be applicable on the tax amount calculated as above

a)

4 Percentage

b)

3 percentage

c)

1 Percentage

d)

All of the above

5.

Percentage of depreciation allowed for Computer & Computer Software is

a)

50%

b)

40%

c)

80%

d)

90%

6.

Which of the following is non capital assets

a)

Jewellery

b)

Debentures

c)

Land

d)

Car for personal used

7.

Deduction under section 80 QQB can be claimed by :

a)

(a) Only Resident Individual

b)

(b) All Resident Persons

c)

(c) All Non-residents

d)

(d) All of the above.

8.

Adjusted Gross Income

= ______________ - ___________

a)

Gross Income - Adjustments

b)

Gross Income - Deductions

c)

Taxable Income - Deductions

d)

Taxable Income - Gross Income

9.

Income from lottery winning is treated as _______

a)

Income from Salary

b)

Capital Gain

c)

Income from Other Sources

10.

TDS on Income from Lottery is @

a)

10%

b)

15%

c)

30%

d)

50%

11.

Sec 80C applies on

a)

Company

b)

Firm

c)

Individual and HUF

d)

Co-operative society

12.

Income tax is collected on all types of income except _______________.

a)

Agricultural Income

b)

Industrial Income

c)

Capital Gain

d)

Household property

13.

The definition of the person includes _______________.

a)

An individual

b)

A Company

c)

A HUF

d)

All

14.

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of _____ from the date of its acquisition/completion of construction, then the benefit granted under section 54 will be withdrawn.

a)

1 year

b)

3 years

c)

5 years

d)

7 years

15.

Tax on short term capital gain on sale of listed shares is

a)

A. 10%

b)

B. 15%

c)

C. 20%

d)

D. 30%

16.

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)

A. 5%

b)

B. 10%

c)

C. 15%

d)

D. 20%

17.

The income tax rate on a long term capital gain for an individual is:

a)

A. 10%

b)

B. 20%

c)

C. 15%

d)

D. 30%

18.

No deduction u/s 80C to 80U is allowed from _____________

 

a)

STCG

b)

LTCG

c)

Both LTCG & STCG

d)

None of the above

19.

Which of the following is not a capital Asset?

a)

Stock in Trade

b)

Agricultural land

c)

Gold Bonds

d)

All of the above

20.

The property being capital asset may or may not be connected with the _____________ of the taxpayer

a)

Income

b)

Business or Profession

c)

Both A & B

d)

None of the above