Q.1
What is NOT included in the income tax?
  • professional practice
  • salaries & wages
  • donations
  • de minimis benefits
Q.2
How do you calculate Net Tax?
  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income) x (Rate of Tax)
  • Gross Tax ÷ Gross Income
Q.3
Highest Administrative Authority for Income Tax in India is .
  • (a) Finance Minister
  • (b) CBDT
  • (c) President of India
  • (d) Director of Income Tax
Q.4
Which is NOT a taxable corporation?
  • Citibank N. A
  • UPS, DHL
  • Manulife
  • Rockefeller Foundation
Q.5
A Standard deduction of _________ of the net annual value is allowed as deduction u/s 24.
  • 30%
  • 40%
  • 50%
  • 13%
Q.6
When you are paid based on the hours/work completed.
  • Wages
  • Salary
Q.7
Maximum deduction of interest on loan borrowed after 1.4.in case of self occupied house is:
  • Rs.1,50,000
  • Rs.30,000
  • Rs.50,000
  • Rs.2,00,000
Q.8
An online retailer collectssales tax. If the sub total of the purchase is $76.then how much is collected for sales tax?
  • $53.20
  • $81.32
  • $5.32
  • $129.20
Q.9
How do you calculate Gross Tax?
  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income) x (Rate of Tax)
  • Gross Tax ÷ Gross Income
Q.10
How do you calculate Net Income (Take Home Pay)?
  • Gross Income - Net Tax
  • Gross Tax - Tax Credits
  • (Gross Income x (Rate of Tax)
  • Gross Tax ÷ Gross Income
Q.11
Interest on pre construction period will be allowed in __________ equal annual instalments.
  • 2
  • 3
  • 4
  • 5
Q.12
Tax before tax credits are removed
  • Net Pay
  • Gross Pay
  • Net Tax
  • Gross Tax
Q.13
Maximum loss possible on self occupied house is
  • Rs.10,000 or Rs.50,000
  • Rs.20,000 or Rs.2,00,000
  • Rs.30,000 or Rs.2,00,000
  • Rs.30,000 or Rs.50,000
Q.14
In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4?
  • yourself
  • your spouse
  • your children
  • All Of above
Q.15
The income tax officer can impose a penalty of .................. on the concerned person if he possesses more than one PAN cards.
  • Rs 50,000
  • Rs 1,00,000
  • Rs 10,000
  • Rs 2,00,000
Q.16
Temple property belongs to .............as per recent pronouncement of the Supreme court
  • Supreme court
  • High Court
  • Diety
  • Worshipers
Q.17
By what date must employers provide, or place in the mail, a wage earner's W-2 statement?
  • January 1
  • January 31
  • April 1
  • April 15
Q.18
Employees who are paid semi-monthly receivepaychecks per year.
  • True
  • False
Q.19
A rebate is allowed to a tax payer whose chargeable income is ________.
  • RM35,000
  • not more that RM35,000
  • more than RM35,000
  • None of the above
Q.20
For joint assessment, who can claim for medical expenses for parents?
  • Wife's parent
  • Husband's parent
  • Both parents
  • None of the above
0 h : 0 m : 1 s