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INCOME TAX DAY

Total questions: 25

Worksheet time: 17mins

Name
Class
Date
1.

Which of the following is not taxable under "Income from Other Sources"?

a)

Dividend income

b)

Winnings from lotteries

c)

Agricultural income in India

d)

Interest on savings bank accounts

2.

Interest on compensation received is taxable under which head?

a)

Salary

b)

House Property

c)

Other Sources

d)

Capital Gains

3.

Gift received by an individual from a non-relative exceeding ₹50,000 is taxable under:

a)

Salary

b)

House Property

c)

Capital Gains

d)

Other Sources

4.

Casual incomes like lottery, crossword puzzles are taxed at:

a)

Normal slab rates

b)

10%

c)

20%

d)

30%

5.

The highest income tax authority in India is:

a)

Assessing Officer

b)

Principal Commissioner

c)

CBDT (Central Board of Direct Taxes)

d)

Income Tax Officer

6.

E-filing of income tax returns is mandatory for individuals earning more than:

a)

₹2,50,000

b)

₹3,00,000

c)

₹5,00,000

d)

₹10,00,000

7.

Loss from house property can be set off against:

a)

Salary income

b)

Business income

c)

Capital gains

d)

All of the above

8.

This is a tax you pay when you work. Money is taken away from your pay check

a)

Sales

b)

Property

c)

Income

9.

The definition of the person includes _______________.

a)

An individual

b)

A Company

c)

A HUF

d)

All

10.

Which of the following is not taxable under "Income from Other Sources"?

a)

Dividend income

b)

Winnings from lotteries

c)

Agricultural income in India

d)

Interest on savings bank accounts

11.

Agricultural income from land situated outside India is:

a)

Exempt

b)

Fully taxable

c)

Partly exempt

d)

Deductible under 80C

12.

Which of the following gifts is NOT taxable under 'Income from Other Sources'?

a)

₹1,00,000 from a friend

b)

₹75,000 from employer

c)

₹60,000 from brother

d)

₹80,000 from cousin

13.

A tax on wages, salaries, tips, interests, rents, and capital gains and dividends from stocks.

a)

ad-valorem

b)

income tax

c)

sales tax

d)

property tax

14.

A consumption tax imposed by government on goods and services.

a)

taxes

b)

income tax

c)

Goods and Service Tax

d)

property tax

15.

The largest form of revenue for the Federal Government.

a)

taxes

b)

income tax

c)

sales tax

d)

property tax

16.

An obligatory contribution to state revenue

a)

compulsory

b)

levy

c)

taxes

d)

income

17.

The money generated from normal business operations

a)

compulsory

b)

levy

c)

revenue

d)

income

18.

Who said this quote "Death and Taxes"?

a)

Abraham Lincoln

b)

George Washington

c)

Benjamin Franklin

d)

Franklin Pierce

19.

Who enforces tax laws?

a)

The State Government

b)

The IRS

c)

Congress

20.

Income that has not been worked for such as interest, dividends, or gambling winnings

a)

disposable income

b)

unearned income

c)

earned income

d)

workers compensation

21.

Who pays taxes

a)

You

b)

Adults

c)

Immigrants

d)

Everyone

22.

The official date for when taxes are due

a)

January 15

b)

February 15

c)

March 15

d)

April 15

23.

IRS stands for

a)

Internal Revenge Service

b)

International Revenue System

c)

Internal Revenue Service

d)

Inspection Ravioli Sauce

24.

Taxes are collected by

a)

Businesses

b)

Parents

c)

Foreign countries

d)

Government

25.
As taxable income increases, income tax rates ____
a)
increase
b)
decrease
c)
stay the same
d)
could go either way