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018 - Income Tax Facts

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Question:

01. Can various deductions that have not been reflected in the Form 16 (issued by an individual's employer) be claimed during filing of returns?
A No
B Yes

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Correct Answer: B
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Question:

02. To verify if the Government has received the amount due from an individual as taxes via TDS or Bank, individual should check
A TDS certificates (FORM 16/ FORM 16A) given by employer / bank
B NSDL website (Challan Status Enquiry and Tax passbook/Tax statement)
C Both
D None

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Correct Answer: B
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Question:

03. If no taxes have been deducted from an individual's salary by employer, does an individual need FORM 16?
A No, individual should request for salary statement instead.
B Yes, FORM 16 is always required.

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Correct Answer: A
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Question:

04. For FY 2010-11, advance tax is payable (on 15th of Sep, Dec and March), if the total tax liability after reducing the TDS is more than
A Rs 10,000
B No advance tax
C Rs 5,000
D Rs 15,000

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Correct Answer: A
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Question:

05. Is the life insurance amount received on maturity along with bonus taxable?
A No
B Yes

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Correct Answer: A
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Question:

06. If the Income Tax Department finds that there has been understatement of income and tax due, it raises to the tax payer a demand called ___ which needs to be paid within 30 days.
A Self Assessment Tax
B Extra Tax
C Advance Tax
D Regular Tax

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Correct Answer: D
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Question:

07. The dividend declared by Indian companies is
A not taxable in the hands of the share holders if used for buying shares in the same FY.
B always taxable in the hands of the share holders.
C taxable in the hands of the share holders if it amounts to more than 10% of total income for the FY.
D not taxable in the hands of the share holders because tax on distributed profits have already been borne by the company.

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Correct Answer: D
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Question:

08. At the time of filing of income tax returns, the balance tax to be paid, if any, is called:
A Regular Tax
B Extra Tax
C Advance Tax
D Self Assessment Tax

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Correct Answer: D
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Question:

09. The documents to be enclosed while filing of income tax returns using forms ITR 1-8 are
A Bank interest statements generated after March 31st for previous FY
B Investment proofs not verified by employer
C No documents required as these forms are annexure less.
D Any document not verified by employer

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Correct Answer: C
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Question:

10. Are retirement benefits such as PF and Gratuity taxable?
A Yes
B No

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Correct Answer: B
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