018 - Income Tax Facts

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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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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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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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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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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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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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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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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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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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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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Author:	Mohan Sundararaju
Date:	Jul-26-2010
Level:	Easy-Medium

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