2024 Mcq on deductions from gross total income

Mcq on deductions from gross total income

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WebIncome From House Property: Chapter 2: Income From Salaries: Chapter 3: Set Off and Carry forward of Losses: Chapter 4: PGBP: Chapter 5: Capital Gains: Chapter 6: Advance Tax, TDS and TCS: Chapter 7: Clubbing Of Income: Chapter 8: Deductions From Gross Total Income: Chapter 9: Income From Other Sources WebCA Inter Income Tax MCQs – Deductions From Gross Total Income Question 1 Which of the following deductions cannot be availed, if the return is not filed on or before the due …

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WebDeduction from gross total income of an individual or HUF, upto a maximum of Rs. 10,000/-, in respect of interest on deposits in savings account ( not time deposits ) with a bank, co-operative society or post office, is allowable w.e.f. 01.04.2012 (Assessment Year 2013-14). Deductions Allowable under Section 24 of Income Tax Act : Web21 aug. 2024 · (a) Deductions are claimed from total income of the assessee. (b) The aggregate of deduction can exceed the gross total income, and the loss thus arising, is allowed to be set off. (c) The assessee has to claim deductions, they are not … northeastern college confidential

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http://www.punjabexamportal.com/2015/09/19/basic-tax-calculation-mcq-for-department-of-local-government-exam/ Web2. INCOMES NOT INCLUDED IN TOTAL INCOME [SECTION 10] Let us now have a look at the various incomes that are exempt from tax and the conditions to be satisfied in order to be eligible for exemption. 2.1 Agricultural income [Section 10(1)] Section 10(1) provides that agricultural income is not to be included in the total income of the assessee. how to restore iphone with mac

CA Inter Tax MCQ Online Exam

Web13 apr. 2024 · Get Income-tax and Corporate Tax Planning Multiple Choice Questions (MCQ Quiz) with answers both detailed solutions. Download these Free Income-tax and … Web6 feb. 2024 · INCOME TAX Multiple Choice Questions (MCQ) with answers (UPDATED) knowledge today February 06, 2024 0 INCOME TAX 1. Income Tax Act was passed in the year………. A) 1934 B) 1956 C) 1961 D) 1972 2. Income Tax Act came into force on………… A)1 st April 1935 B) 1 st April 1961 C) 1 st April 1962 D) 1 st April 1956 3. … northeastern coastal forests ecoregionWebQUANTUM: Deduction from gross total income equivalent to investment made of Rs. 1, 50,000 whichever is less. INVESTMENT: An individual who deposits out of his taxable … how to restore iphone 7 plus on computer

"WebFrankie works for an engineering firm and earns an annual gross salary of $85,000. He has been promised a ten percent raise in 2024, and will also receive a $20,000 bonus for exceptional contributions to the company, to be received in February of 2024. Kensley works part-time for a law firm and earns an annual gross salary of $50,000. " - Mcq on deductions from gross total income

Mcq on deductions from gross total income

unit 1 - Deductions from Gross Total Income

Webtaxable income under various heads; Deductions from Gross total income; Assessment of Individuals; Clubbing of incomes International Taxation: ... • Dedicated Chapters for every specific MCQ pattern. • Things To Remember/Strategies To Employ for solving each Question Type. • 5000+ MCQs in all with Answers and WebParticulars **I Income from Salary** Basic Salary (7,500 x 12) 90, Less: Standard deduction under section 16(ia) 50, 40, II Income from house property Gross Annual Value (GAV) 27, Less: Municipal taxes paid 2, Net Annual Value (NAV) 25, Less: Deduction u/s 24 @ 30% of ` 25,000 7,500 17, III Income from profession Net profit as per Income and …

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WebGross salaries 400, 13 th month pay and other benefits 40, SSS, PhilHealth, and Pag-ibig contributions 20, Deductions for loans repayments 50, Deductions for withholding tax … WebUnderstand the concept of MCQ on Deductions from Gross Total Income - Part 1 with CA Foundation course curated by Nikita Khetan on Unacademy. The CA …

Web24 jul. 2024 · MCQ on Clubbing and Aggregation of Income; MCQ on Deductions from Gross Total Income; MCQ on Income from Capital Gains; MCQ on Income from House … WebThe following shall be Deducted from Gross Total Income to find out Adjusted Gross Total Income— amount deductible under sections 80C to 80U (but not section 80G); such incomes on which income-tax is not payable; i.e. share from AOP. long-term capital gains; short-term capital gain which is taxable under section 111A at the rate of 15% ; and ...

Web5 feb. 2024 · It is this resulting taxable income figure level which will decide whether you can avail the 100% tax rebate given to that earning upto Rs 5 lakh taxable income. Consequently, if your gross total income is in the range of Rs 6 to say around Rs 11 lakh, then you could try to plan your income and claim deductions from this income so as to … WebCOMPUTATION OF TOTAL INCOME AND TAX PAYABLE 8.3 1. MEANING OF TOTAL INCOME The Total Income of an individual is arrived at after making deductions under Chapter VI-A from the Gross Total Income. As we have learnt earlier, Gross Total Income is the aggregate of the income computed under the 5 heads of income,

WebC. an income . D. an expenditure. ANSWER: A. 65. The balance of cash account indicates _____. A. net income for the period. B. net loss for the period. C. net cash on hand. D. net worth of the business. ANSWER: C. 66. The process of transferring the credit and debit items form a journal to their respective accounts in the ledger is termed as ...

Web13 apr. 2024 · Get Income-tax and Corporate Tax Planning Multiple Choice Questions (MCQ Quiz) with answers both detailed solutions. Download these Free Income-tax and Corporates Tax Programming MCQ Quiz Pdf and prepare for the upcoming exams Please Credit, SSC, Railway, UPSC, State PSC. how to restore iphone with black screenWeb18 sep. 2024 · 8) A new business was set up on 15-11-2024 and it commenced its business from 1-12- 2024.The previous year in this case shall be: a) 15-11-2024 to 31-3-2024. b) 1-12-2024 to 31-3-2024. c) 2024-20. d) None of these. 9) Shivaji university is assessable under the Income Tax Act as. a) An individual. b) An artificial juridical person. how to restore iphone if lockedWeb27 jul. 2024 · Gross Total Income is the sum of all of the income an individual receives during a year. On the other hand, Total income is the amount of income subject to … how to restore iphone ringerWeb30 mei 2024 · Ans: Total Income is the income on which tax liability is determined. It is necessary to compute total income to ascertain tax liability. secti on 80C to 80U p rovides certain deductions which can be claimed from Gross Total Income (GTI). After claiming these deductions from GTI, the income remaining is called as Total Income. how to restore iphone backup from settingshttp://www.bangarsedu.com/CMA-P7-Direct-Taxation-MCQs.php how to restore iphone on hp computerWebThis GIZ-commissioned landscape review focuses on mNumeracy interventions in early grades in low income countries. A search of the internet and academic journals, and correspondence with contacts within the mNumeracy space, resulted in the unearthing of a total of only 24 projects (from 12 countries) that fit the above criteria. northeastern college of engineering loginWeb11 nov. 2024 · Deductions from Gross Total Income Computation of Total Income Income Tax MCQ Income Tax MCQ MCQ on all other subjects (Cost Accounting, … how to restore iphone if locked out