Quiz for LLB

What is the tax rate for income above 10 lakhs but less than 12 lakhs as per default tax regime?

• 10%
• 25%
• 15%
• 20%

What is the maximum turnover for claiming rebate u/s 87A under the default tax regime>

• Rs. 7 lakh

• Rs. 2.50 lakh

• Rs. 3 lakh

• Rs. 5 lakh

Who issues Notifications under Income Tax Act?

• Income Tax Department
• Supreme Court

• Central Board of Direct Taxes (CBDT)
• Central Goverment

Charge of Income Tax is under section __ of the Income Tax Act.

• 4A

• 6
• 5

• 4

Which of the following is not an agriculture income?

• sale of wheat

• sale of sugar cane

• sale of aloe vera plant

• sale of cotton threads

Who is NOT an assessee as per the Income Tax Act?

• A person with no income.
• A student receiving a scholarship.

• A business owner with taxable income.
• A person with a salary above the tax threshold.

Which income is considered for calculation of Tax?

• Gross Total Income

• Net Taxable Income

• Both

• None of the above

What is the basic tax for an income of INR 6,00,000 earned by Mr. Rohit (aged 85 years) under old tax regime?

• INR 1,20,000

• INR 14,500

• INR 6,000

• INR 20,000

Mr. Anderson (an American Citizen and NR) and earned an Income of INR 6,00,000 claims that he does not have to pay any tax since his income is below the threshold limit of rebate u/s 87A. Is his claim right?

• Yes

• No

A HUF will be called resident on the basis of

• The number of members in the HUF.
• Residential status of the Karta

• Control and Management in India

• The location of the HUF's bank account.