WorksheetsINCOME TAX DAY
Total questions: 25
Worksheet time: 17mins
Which of the following is not taxable under "Income from Other Sources"?
Dividend income
Winnings from lotteries
Agricultural income in India
Interest on savings bank accounts
Interest on compensation received is taxable under which head?
Salary
House Property
Other Sources
Capital Gains
Gift received by an individual from a non-relative exceeding ₹50,000 is taxable under:
Salary
House Property
Capital Gains
Other Sources
Casual incomes like lottery, crossword puzzles are taxed at:
Normal slab rates
10%
20%
30%
The highest income tax authority in India is:
Assessing Officer
Principal Commissioner
CBDT (Central Board of Direct Taxes)
Income Tax Officer
E-filing of income tax returns is mandatory for individuals earning more than:
₹2,50,000
₹3,00,000
₹5,00,000
₹10,00,000
Loss from house property can be set off against:
Salary income
Business income
Capital gains
All of the above
This is a tax you pay when you work. Money is taken away from your pay check
Sales
Property
Income
The definition of the person includes _______________.
An individual
A Company
A HUF
All
Which of the following is not taxable under "Income from Other Sources"?
Dividend income
Winnings from lotteries
Agricultural income in India
Interest on savings bank accounts
Agricultural income from land situated outside India is:
Exempt
Fully taxable
Partly exempt
Deductible under 80C
Which of the following gifts is NOT taxable under 'Income from Other Sources'?
₹1,00,000 from a friend
₹75,000 from employer
₹60,000 from brother
₹80,000 from cousin
A tax on wages, salaries, tips, interests, rents, and capital gains and dividends from stocks.
ad-valorem
income tax
sales tax
property tax
A consumption tax imposed by government on goods and services.
taxes
income tax
Goods and Service Tax
property tax
The largest form of revenue for the Federal Government.
taxes
income tax
sales tax
property tax
An obligatory contribution to state revenue
compulsory
levy
taxes
income
The money generated from normal business operations
compulsory
levy
revenue
income
Who said this quote "Death and Taxes"?
Abraham Lincoln
George Washington
Benjamin Franklin
Franklin Pierce
Who enforces tax laws?
The State Government
The IRS
Congress
Income that has not been worked for such as interest, dividends, or gambling winnings
disposable income
unearned income
earned income
workers compensation
Who pays taxes
You
Adults
Immigrants
Everyone
The official date for when taxes are due
January 15
February 15
March 15
April 15
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
Taxes are collected by
Businesses
Parents
Foreign countries
Government
