Tax: Solved 25 Tax Questions and answers section with explanation for various online exam preparation, various interviews, Logical Reasoning Category online test. Category Questions section with detailed description, explanation will help you to master the topic.

Tax Questions

1. Previous year is _____




SHOW ANSWER
Correct Ans:Income earning year
Explanation:


2. A person can earn income from _____




SHOW ANSWER
Correct Ans:any of above
Explanation:


3. Sum of various heads is called _________




SHOW ANSWER
Correct Ans:Gross total income
Explanation:


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4. Income related to land but not agricultural income ______




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Correct Ans:All of above
Explanation:


5. Agricultural income is not integrated with non-agricultural income in case of ________




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Correct Ans:A & B both
Explanation:


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6. Percentage of income from growing & manufacturing tea in India is considered as agricultural income ________




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Correct Ans:60%
Explanation:


7. Agricultural income is considered when calculating tax if it is _______




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Correct Ans:More than rs. 5000 & total income is exceeding exemption limit
Explanation:


8. Partly agricultural income is-




SHOW ANSWER
Correct Ans:Tea garden
Explanation:


9. Non-agricultural income is-




SHOW ANSWER
Correct Ans:All of the above
Explanation:


10. Agricultural income is-




SHOW ANSWER
Correct Ans:All of above
Explanation:


11. Income tax department works under-




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Correct Ans:CBDT
Explanation:


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12. To lessen tax burden on individuals with income up to 5 lakh rupees, the ceiling of tax rebate under section 87A has been raised from 2000 rupees to




SHOW ANSWER
Correct Ans:5000 rupees
Explanation:


13. Number of digits in a PAN card are-




SHOW ANSWER
Correct Ans:10
Explanation:


14. In case of delay payment of income tax penalty shall be charged as-




SHOW ANSWER
Correct Ans:1% per month
Explanation:


15. Income tax was first time levied in the year-




SHOW ANSWER
Correct Ans:1860
Explanation:


16. The authority on whose recommendation the amt. collected as income tax is distributed to
state govt. _________




SHOW ANSWER
Correct Ans:Finance Commission
Explanation:


17. Income tax is ________




SHOW ANSWER
Correct Ans:Direct tax
Explanation:


18. Exempted income does not includes ________




SHOW ANSWER
Correct Ans:T.V prices
Explanation:


19. Assessee includes ______________




SHOW ANSWER
Correct Ans:All of the above
Explanation:


20. Income tax is levied on ________




SHOW ANSWER
Correct Ans:Yearly basis
Explanation:



12


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