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Taxation and Types of Taxes

Financial yea...

Question

Financial year is a period of one year during which taxable income has been earned.

A

True

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B

False

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Compute the income tax payable by following individuals.

(i) Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.

(ii) Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.

(iii) Miss Varsha (Age 26 years) has a taxable income of Rs. 2,30,000.

Write the correct alternative answer for each of the following quesitons.

(i) For different types of investments what is the maximum permissible amount under section 80C of income tax ?

(A) 1,50,000 rupees (B) 2,50,000 rupees (C) 1,00,000 rupees (D) 2,00,000rupees

(ii) A person has earned his income during the financial year 2017-18. Then his assessment year is ....

(A) 2016-17 (B) 2018-19 (C) 2017-18 (D) 2015-16

Q. A person has earned his income during the financial year 2017-18 then write assessment year.

(52

)

has taxable income of Rs.

5, 05, 000

in financial year

2012 - 13

. Calculate the net income tax payable.

Q. Taxable income of Smt. Rekha (age

45

6, 50, 000

for the financial year

2012 - 13

. Compute the income tax she will have to pay for

2012 - 13

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