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The Income Tax Act, 1961

This quiz is designed to assess your knowledge of The Income Tax Act, 1961. The questions cover various aspects of the Act, including its provisions, exemptions, and penalties.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Under the Income Tax Act, 1961, which of the following is not an income from salary?

  1. Wages
  2. Pension
  3. Gratuity
  4. Leave encashment
Question 2 Multiple Choice (Single Answer)

Which of the following is not an exempt income under the Income Tax Act, 1961?

  1. Agricultural income
  2. Income from lottery
  3. Income from dividends
  4. Income from interest on savings account
Question 3 Multiple Choice (Single Answer)

What is the maximum rate of income tax applicable to individuals under the Income Tax Act, 1961?

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

Which of the following is not a penalty under the Income Tax Act, 1961?

  1. Fine
  2. Imprisonment
  3. Interest
  4. Surcharge
Question 5 Multiple Choice (Single Answer)

What is the time limit for filing an income tax return under the Income Tax Act, 1961?

  1. 30th June
  2. 31st July
  3. 31st August
  4. 30th September
Question 6 Multiple Choice (Single Answer)

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

  1. Standard deduction
  2. Medical expenses
  3. Education expenses
  4. Entertainment expenses
Question 7 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed for medical expenses under the Income Tax Act, 1961?

  1. Rs. 10,000
  2. Rs. 20,000
  3. Rs. 30,000
  4. Rs. 40,000
Question 8 Multiple Choice (Single Answer)

Which of the following is not a type of income that is subject to tax under the Income Tax Act, 1961?

  1. Salary
  2. Business income
  3. Rental income
  4. Capital gains
Question 9 Multiple Choice (Single Answer)

What is the rate of income tax applicable to long-term capital gains under the Income Tax Act, 1961?

  1. 10%
  2. 15%
  3. 20%
  4. 25%
Question 10 Multiple Choice (Single Answer)

Which of the following is not a type of income that is exempt from tax under the Income Tax Act, 1961?

  1. Agricultural income
  2. Income from lottery
  3. Income from dividends
  4. Income from interest on savings account
Question 11 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed for education expenses under the Income Tax Act, 1961?

  1. Rs. 10,000
  2. Rs. 20,000
  3. Rs. 30,000
  4. Rs. 40,000
Question 12 Multiple Choice (Single Answer)

Which of the following is not a type of income that is subject to tax under the Income Tax Act, 1961?

  1. Salary
  2. Business income
  3. Rental income
  4. Capital gains
Question 13 Multiple Choice (Single Answer)

What is the rate of income tax applicable to short-term capital gains under the Income Tax Act, 1961?

  1. 10%
  2. 15%
  3. 20%
  4. 25%
Question 14 Multiple Choice (Single Answer)

Which of the following is not a type of income that is exempt from tax under the Income Tax Act, 1961?

  1. Agricultural income
  2. Income from lottery
  3. Income from dividends
  4. Income from interest on savings account
Question 15 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed for medical expenses under the Income Tax Act, 1961?

  1. Rs. 10,000
  2. Rs. 20,000
  3. Rs. 30,000
  4. Rs. 40,000
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