This blog post will provide you with a list of quiz questions and answers related to Income Tax Law.
Take our free Income Tax Law quizzes to brush up on your tax law knowledge. These quizzes cover a variety of topics, from tax brackets to tax deductions.
Question 1. Contribution to RPF is deducted u/s _________.
(A) 80G
(B) 80E
(C) 80D
(D) 80C
Question 2. The maximum amount of deduction under section 80D in the case of a senior citizen is __________.
(A) Rs: 25,000
(B) Rs: 20,000
(C) Rs: 15,000
(D) Rs: 10,000
Question 3. Which among the following deduction is available only to disabled persons :
(A) 80 U
(B) 80 Q
(C) 80 G
(D) 80 C
Question 4. Section 80C provides for deduction in respect of tuition fee to _______ children.
(A) None
(B) Three
(C) Two
(D) One
Question 5. The maximum amount deductible u/s 80GG in respect of rent paid is ___________.
(A) Rs: 24,000
(B) Rs: 20,000
(C) Rs: 12,000
(D) Rs: 10,000
Question 6. The amount deductible for severe disability u/s 80U is _________.
(A) Rs: 90,000
(B) Rs: 50,000
(C) Rs: 1,20,000
(D) Rs: 1,00,000
Question 7. When a loan is taken for the education of a child, the father is entitled to deduction u/s ___________.
(A) 80 U
(B) 80 E
(C) 80 G
(D) 80 C
Question 8. Income of a minor child is exempted up to _____________.
(A) Rs: 2,000
(B) Rs: 1,200
(C) Rs: 1,500
(D) Rs: 1,000
Question 9. Loss from business can be carried for __________ years.
(A) 16
(B) 12
(C) 8
(D) 6
Question 10. Income of Benami transactions shall be included in the income of __________.
(A) transferee
(B) Transferor
(C) Real owner
(D) None of these
Question 11. Dividend from an Indian company is ____________.
(A) Fully Taxablbe
(B) Partly Taxable
(C) Fully Exempted
(D) None of the above
Question 12. The amount received from URPF is __________.
(A) Taxable
(B) Exempted, subject to certain conditions
(C) Exempted
(D) None of the above
Question 13. ________ section deals with exempted incomes.
(A) Section 23
(B) Section 10
(C) Section 17
(D) Section 80
Question 14. There will be no partial integration if the agricultural income does not exceed _________.
(A) Rs: 5,000
(B) Rs: 50,000
(C) Rs: 25,000
(D) Rs: 15,000
Question 15. Salary on which income tax is borne by the employer is called __________.
(A) Foregoing salary
(B) Tax holiday
(C) Tax-free salary
(D) None
Question 16. STCL can be set off in the same assessment year from ___________.
(A) Not possible
(B) both
(C) LTCG
(D) STCG
Question 17. Maximum amount of deduction allowable under section 80CCF is __________.
(A) Rs: 1,00,000
(B) Rs: 25,000
(C) Rs: 20,000
(D) Rs: 10,000
Question 18. For claiming exemption u/s 54, the assessee should construct the residential property within _________.
(A) Within 2 years after the date of transfer.
(B) Within 3 years after the date of transfer
(C) One year before or 3 years after the date of transfer
(D) One year before or 2 years after the date of transfer
Question 19. The cost of acquisition of bonus shares allotted on or after 1-4-1981 is _________.
(A) Fair market value of that shares on 1-4-1981
(B) Fair market value on the date of issue of shares
(C) Nil
(D) None of these
Question 20. Any some received under a key man insurance policy taken on the life of the employee shall be _________.
(A) Exempt from tax
(B) Taxable in the hands of the employee
(C) Taxable under the head income from other sources
(D) Taxable under the head Business or profession
Question 21. The rent fixed as per municipal valuation is called _________.
(A) Actual rent
(B) Standard rent
(C) Fair rental Value
(D) Municipal value
Question 22. Rent free accommodation is an example for ____________.
(A) Profit in lieu of salary.
(B) Perquisite
(C) Compensation
(D) Allowance
Question 23. Income tax is a form of ____________ tax.
(A) Indirect tax
(B) Value Added Tax
(C) Indirect tax
(D) Direct tax
Question 24. Interest n loan taken before 1-4-1999 for construction or repairs of self occupied house shall be deducted upto Rs: ____________.
(A) Rs: 1,50,000
(B) RS: 1,00,000
(C) Rs: 30,000
(D) Rs: 25,000
Question 25. Maximum Marginal Rate for the current A.Y. ( 2013-14) is _________.
(A) 35%
(B) 30%
(C) 20%
(D) 25%