EASY
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What is the rate of tax for income tax slab between the income of Rs. 10.00 lakhs to Rs. 12.50 lakhs for Assessment year 2020-21?

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Important Questions on Banking and Taxation

HARD

The income of a government employee in financial year 2013-2014 was 4,10,000. She deposited 24,000 as yearly premium on life insurance policy, 4,000 every month in General Provident Fund and she also purchased a national savings certificate worth 25,000. If a maximum of Rs. one lakh can be invested in any type of saving to qualify for tax rebate, then calculate the payable tax.

The rates of tax are as follows:

Sl.No. Tax Limits Rate of Tax 
1 Up to 2,00,000 NIL
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%

In addition, a 3% education cess has to be paid over the income tax. Find your answer in 

MEDIUM

The income of a government employee in financial year 2013-2014 was 3,60,000. He deposited 20,000 as yearly premium on life insurance policy and 4,000 every month in General Provident Fund. If a maximum of 1,00,000 can be invested in any type of saving to qualify tax rebate, then calculate the payable income tax.

The rate of tax are as follows:

SL.No. Tax limits Rate of tax
1. Up to 2,00,000 Nill
2. 2,00,001 to 5,00,000 10%
3. 5,00,001 to 10,00,000 20%

In addition, a 3% education cess has to be paid over the income tax. Find your answer in 

EASY

Educational cess at the rate of 3% on given taxable amount 2000 will be:

EASY

To open an account in a bank PAN is must.

EASY

What will be education cess at the rate of 3% if taxable income is 3,000?

EASY
The tax which is levied on a person's income received from all sources is called _____.
MEDIUM
A shopkeeper was involved in tax evasion. To save sales tax he never gives receipts to his customers. He sold an article for 550 including 10%VAT. Find the amount of VAT not paid by him to the Government. Is tax evasion correct? Why should we pay tax? What measures should we adopt to stop tax evasions?
MEDIUM

Compute the income tax payable by following individual.

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

HARD
The money received as wages is the 
EASY

John sold books worth rupees 4500 for a publisher. For this he received 15% commission. Complete the following activity to find the total commission John obtained.

Selling price of books = _____                Rate of commission = _____

Commission obtained =×      Commission = rupees

EASY
Observe the table given below. Check and decide, whether the individuals have to pay income tax. Write Yes/No.
S.No. Individual Age Taxable Income Will have to pay income tax or not
iii. Miss. Mehta 44 Rs 5,82,000  

 

EASY
Observe the table given below. Check and decide, whether the individual have to pay income tax. Write Yes/No.
S.No. Individual Age Taxable Income Will have to pay income tax or not
v. Mr. Desilva 81 Rs 4,50,000  
EASY
Rafique sold flowers worth  15,000 by giving 4% commission to the agent. Find the commission he paid. Find the amount received by Rafique.
MEDIUM
Rajabhau sold his flat to Vasantrao for 88,00,000  through an agent. The agent charged 2% commission for both of them. If the commission got by the agent is k, then find the value of k.
MEDIUM

Compute the income tax payable by following individual.

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

HARD
Ramu bought a fan for 1080 including 8% VAT. The price of fan before VAT was added is x. Find the value of x.
EASY
Observe the table given below. Check and decide, whether the individuals have to pay income tax. Write Yes/No.
S.No. Individual Age Taxable Income Will have to pay income tax or not
iv. Mr. Bajaj 64 Rs 8,40,000  

 

MEDIUM

Use the given information and fill in the blanks with suitable numbers.

Smt. Deepanjali purchased a house for 7,50,000  from Smt. Leelaben through an agent. Agent has charged 2% brokerage from both of them.

Smt. Deepanjali paid × = brokerage for purchasing the house. (Express answer using commas)

EASY

Observe the table given below. Check and decide, whether the individual has to pay income tax. Write Yes/No.

Individual Age Taxable Income Will have to pay income tax or not
Miss. Nikita 27 2,34,000  
MEDIUM

Use the given information and fill in the blanks with suitable numbers. Smt. Deepanjali purchased a house for 7,50,000  from Smt. Leelaben through an agent. Agent has charged 2% brokerage from both of them.

The cost of house Smt. Deepanjali paid is _____. (Express answer using commas)