Income Tax - India
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Finance Specialization.

Income Tax - India
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25 Questions

1. Medical reimbursement is exempt up to .................. if treatment is done in a private hospital.
2. Income Tax Act was passed in the year_____________.
3. The income from the sale of house hold furniture is ......................
4. If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is..............
5. Children education allowance is exempted up to..................
6. A person is said to be an ordinarily Resident when the person is satisfying ________________.
7. Donation is deductible u/s .................................
8. Cost of improvement incurred prior to 1.4.81 is................
9. Long term capital gain on sale of unlisted shares are........................
10. Indexation is applicable to.......................
11. Incomes on which Income tax is not charged are called..............
12. The rate of surcharge on tax payable is ......................% when taxable income is Rs: 5,57, 500.
13. Income of political parties is not to be included in total income if certain conditions are satisfied. The relevant section of IT Act 1961 is.
14. Income of a minor child is included in the total income of ...........................
15. Speculation Loss can be carried forward for.................
16. Interest on RPF balance is exempted up to.......................
17. Rate of depreciation on non residential building is.......................
18. Entertainment allowance to govt. employees is exempted, which is least of 20% of basic salary or actual allowance or.................
19. Tax on long term capital gain is..................
20. Employers contribution to RPF is exempted up to...................
21. Pension is taxable under ..........................head.
22. The basic exemption up to which income is not taxable for an individual resident is ..............
23. Excise duty and sales tax are allowed as deduction if paid before......................
24. A partnership firm sold a residential house. The firm will get exemption under section .................... on capital gains.
25. Which of the following income from other sources is not taxable?

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