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Taxation of Salaries and Wages: Structure and Rates

This quiz is designed to test your understanding of the structure and rates of taxation of salaries and wages in India.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is not a component of gross salary?

  1. Basic Salary
  2. Dearness Allowance
  3. House Rent Allowance
  4. Conveyance Allowance
Question 2 Multiple Choice (Single Answer)

What is the maximum limit for exemption under Section 80C of the Income Tax Act, 1961?

  1. Rs. 1,50,000
  2. Rs. 2,50,000
  3. Rs. 1,00,000
  4. Rs. 2,00,000
Question 3 Multiple Choice (Single Answer)

Which of the following is not a deduction allowed under Section 80D of the Income Tax Act, 1961?

  1. Medical Insurance Premium
  2. Preventive Health Check-up
  3. Hospitalization Expenses
  4. Tuition Fees
Question 4 Multiple Choice (Single Answer)

What is the rate of tax applicable to the income slab of Rs. 5,00,001 to Rs. 10,00,000?

  1. 20%
  2. 30%
  3. 10%
  4. 40%
Question 5 Multiple Choice (Single Answer)

Which of the following is not a type of tax deduction at source (TDS)?

  1. TDS on Salary
  2. TDS on Rent
  3. TDS on Interest
  4. TDS on Dividends
Question 6 Multiple Choice (Single Answer)

What is the due date for filing Income Tax Returns (ITRs) for salaried individuals?

  1. July 31st
  2. August 31st
  3. September 30th
  4. October 31st
Question 7 Multiple Choice (Single Answer)

Which of the following is not a benefit of filing Income Tax Returns (ITRs) on time?

  1. Refund of excess tax paid
  2. Avoidance of penalties
  3. Carry forward of losses
  4. Claiming tax deductions and exemptions
Question 8 Multiple Choice (Single Answer)

What is the maximum limit for deduction under Section 80G of the Income Tax Act, 1961?

  1. 10% of Gross Total Income
  2. 5% of Gross Total Income
  3. 15% of Gross Total Income
  4. 20% of Gross Total Income
Question 9 Multiple Choice (Single Answer)

Which of the following is not a type of tax rebate available to salaried individuals?

  1. Rebate under Section 87A
  2. Rebate under Section 80C
  3. Rebate under Section 80D
  4. Rebate under Section 80G
Question 10 Multiple Choice (Single Answer)

What is the rate of tax applicable to the income slab of Rs. 2,50,001 to Rs. 5,00,000?

  1. 5%
  2. 10%
  3. 15%
  4. 20%
Question 11 Multiple Choice (Single Answer)

Which of the following is not a component of net salary?

  1. Basic Salary
  2. Dearness Allowance
  3. House Rent Allowance
  4. Provident Fund
Question 12 Multiple Choice (Single Answer)

What is the maximum limit for deduction under Section 80E of the Income Tax Act, 1961?

  1. Rs. 50,000
  2. Rs. 1,00,000
  3. Rs. 75,000
  4. Rs. 25,000
Question 13 Multiple Choice (Single Answer)

Which of the following is not a type of tax credit available to salaried individuals?

  1. Credit for TDS
  2. Credit for Advance Tax
  3. Credit for Self-Assessment Tax
  4. Credit for Foreign Tax
Question 14 Multiple Choice (Single Answer)

What is the rate of tax applicable to the income slab of Rs. 10,00,001 and above?

  1. 30%
  2. 40%
  3. 20%
  4. 50%
Question 15 Multiple Choice (Single Answer)

Which of the following is not a type of tax surcharge applicable to salaried individuals?

  1. Education Cess
  2. Health and Education Cess
  3. Social Welfare Cess
  4. Senior Citizen Cess
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