Multiple Choice Questions and Answers on Income Tax Rate & Basic Concept of Income Tax

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Questions
1 Additional surcharge (health and education cess) of 4 per cent is payable on-
A Income tax
B Income tax plus surcharge
C Surcharge
D None of the three

Answer:Income tax plus surcharge
2 What is the maximum amount of income not chargeable to tax in case of AOP /BOI?
A Rs.` 2,50,000
B Rs.` 1,45,000
C Rs.` 10,000
D None of these.

Answer:Rs.` 2,50,000
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3 In case of Partnership firm or company and foreign company marginal relief is provided if total income exceeds ` --
A Rs. 1 crore
B Rs. 10 lakhs
C Marginal relief
D None of these

Answer:Rs. 1 crore
4 The total income is rounded off to the nearest multiple of -
A Rs.`1
B Rs.`10
C Rs.`100
D Rs.`1,000

Answer:Rs.`10
5 The MMR of 35.88% for Assessment Year 2019-20 is relevant in case of which of the following person if income exceed 1crore
A Individual
B Association of Persons
C None of (a) and (b)
D Both of (a) and (b)

Answer:Both of (a) and (b)
6 If a firm's total Income is Rs.` 1,03,00,000, the marginal relief available to the firm is –
A Rs.` 3,09,000
B Rs.` 3,03,000
C Rs.` 1,60,800
D None of these.

Answer:Rs.` 1,60,800
7 The amount of health and education cess to be collected along with income-tax for assessment year 2019-20 shall be
A 1 %
B 2%
C 3%
D 4%

Answer:4%
8 In respect of a resident assessee, who is of the age of 60 years or more at any time during the previous year but less than 80 years on the last day of Previous Year relevant to Assessment Year 2019-20:
A Rebate of tax payable subject to a maximum of Rs.20,000.
B Higher basic exemption of Rs.` 1, 50,000.
C Higher basic exemption of Rs.` 3, 00,000.
D Higher basic exemption of Rs.` 1, 35,000.

Answer:Higher basic exemption of Rs.` 3, 00,000.
9 In case of resident HUF, what is maximum exemption limit for Assessment Year 2019-20 :
A Rs.` 3,00,000
B Rs.` 2,50,000
C Rs.` 5,00,000
D Rs.` 2,20,000

Answer:2,50,000
10 Surcharge of 15% is payable by an Hindu Undivided Family where the total income exceeds:
A Rs.` 7,50,000
B Rs.` 8,50,000
C Rs.` 1,00,00,000
D None of the three.

Answer:Rs.` 1,00,00,000

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