Concept & Calculation of Income Tax

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Q1: Part 1 of schedule I of the Finance Act, 2020 gives rate of income tax for the

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Q.2 Part 2 of schedule of I of the Finance Act, 2020
gives rate of tax deductible of source for the

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Q3: Part 3 of schedule I of The Finance Act, 2020
gives rate of advance tax payable for the

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Q4: The rates of income-tax are mentioned in—

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Q5: The rate of Health and Education Cess for the
AY 2021-2022 i.e. PY 2020-2021 is

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Q6: For the AY 2021-2022 i.e. PY 2020-2021
Income Tax liability is rounded off in multiples of

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Q7: For the AY 2021-2022 i.e. PY 2020-2021
Income Tax liability is rounded off under

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Q8: Please comment
(1) Cess is a special nature of tax which is charged for a particular purpose
(2) Cess is a special nature of tax which is used for a particular purpose

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Q9: Please Comment
(1) Direct Tax (Income Tax) is regressive in nature
(2) Indirect Tax (GST and Custom Duty) is progressive in nature

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Q10: The maximum amount on which income tax is not chargeable for the AY 2021-2022 i.e. PY 2020-2021 in case of an individual who is resident in India
other than senior citizen is:

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Q11: The maximum amount on which income tax is
not chargeable for the AY 2021-2022 i.e. PY 2020-
2021 in case of an individual who is resident in India
and is more than 60-year-old but is less than 80
years old is:

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Q12: The maximum amount on which income tax is
not chargeable for the AY 2021-2022 i.e. PY 2020-
2021 in case of an individual who is resident in India
and is more than 80 years old is:

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Q13: Surcharge on income tax is payable by:

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Q14: Surcharge on incomes tax is payable by a
Domestic Company at the rate of:

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Q15: Surcharge in case of a foreign company is
payable at the rate of:

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Q16: The maximum amount on which income tax is
not chargeable in case HUF is:

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Q17: The maximum amount on which income tax is
not chargeable in case of firm is:

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Q18: The maximum amount on which income tax is
not chargeable in case of a co-operative society is:

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Q19: Health and Education Cess is leviable on:

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Q20: In case of an individual, Health and Education
Cess is leviable only when total income of such
assessee:

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Q21: For AY 2021-2022 i.e. PY 2020-2021, a firm
is subject to income tax at a flat rate of:

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Q22: The surcharge applicable in the case of an
individual for incomes other than section
112A, section 111A and section 115BBE
shall be

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Q23: In case of a domestic company whose gross
receipts for the PY 2018-2019 is `451,00,00,000,
the rate of tax applicable for AY 2021-2022 i.e. PY
2020-2021

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Q24: The rate of tax applicable to a partnership firm
for AY 2021-2022 i.e. PY 2020-2021 is—

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Q25: Where the total income of an artificial juridical person is Rs.3,10,000, the income-tax payable is Rs.…………… and surcharge payable is Rs.………….

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Q26: Mr. J is 55 years old and is a resident of India
and has earned a total income of Rs.6,35,670.
Calculate his tax liability for the AY 2021-2022 i.e.
PY 2020-2021

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Q27: Mrs. J, 87 years of age, is a non-resident of
India and has earned the total income of
Rs.19,70,000.Calculate her tax liability for the AY
2021-2022 i.e. PY 2020-2021

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Q28: M/s JPS is a partnership firm which has earned
the business profits of Rs. 2,00,000. House property
income of Rs. 2,00,000. Donations to PMNRF are
Rs. 1,70,000. Calculate the tax liability for the AY
2021-2022 i.e. PY 2020-2021.

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Q29: Which of the following incomes are not taxable at special rates

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Q30: What is the tax rate on Long term capital gains on the transfer of listed equity shares on which STT
has been paid at the time of sale and purchase, prescribed u/s 112A

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Q31: Which of the following incomes are not regarded as casual incomes taxable u/s 115BB

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Q32: Effective rate of tax on un-disclosed incomes are

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Q33: Maximum marginal rate of tax is

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Q34: Maximum marginal rate of tax is

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Q35: Rebate u/s 87A is allowed to

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Q36: Health and Education cess of 4% is to be applied on

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Q37: Which of the following is correct in relation to rebate u/s 87A

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Q38: In relation to Casual incomes which of the following are correct