income tax quiz

Shipping income of NRI is taxed at the rate of

• 7.5%

• 6.5%

• 8.5%

• 5.5%

A Standard deduction of _________ of the net annual value is allowed as deduction U/H House property.

• 30%

• 40%

• 50%

• 13%

Maximum deduction of interest on loan borrowed after 1.4.99 in case of self occupied house is:

• Rs.1,50,000

• Rs.30,000

• Rs.50,000

• Rs.2,00,000

Income Tax Act was passed in the year

• 1924

• 1961

• 1962

• 1988

TDS on Income from Lottery is @

• 10%

• 15%

• 30%

• 50%

Which Depreciation method to be used as per IT Act?

• Straight Line Method

• Written Down Value

• Annuity

• Depreciation Fund

TDS

• Tax Deducted at Source

• Total Deducted at Source

• Tax Deducted at Sample

• Tax Due at Source

What is the amount of standard deduction U/H Salary ?

• 50,000

• 40,000

• 20000

• 10000

CBDT means

The exemption of entertainment allowance is applicable to_____.

• Private Sector employees

• Public Sector employees

• Government employees

• All of the above