Practice Taxation Related Questions and Answers

• Mr. X, an Indian citizen, stayed in India for 130 days during FY 2024-25. In the four preceding years, his total stay in India was 480 days. Determine his ...
• A firm pays Rs. 3,00,000 as salary to partners, allowed as per deed. Book profit is Rs. 10,00,000. What is the maximum allowable deduction for partner’s ...
• Mr. Y sold listed equity shares during the Financial Year 2024-25 after holding them for 18 months. The sale consideration amounted to ₹8,00,000, while t...
• A company owns a block of assets with the following details for the Financial Year 2024-25: • Opening Written Down Value (WDV) of the block: ₹10,00,000...
• A company has book profit of ₹20,00,000 for FY 2024-25. Its normal tax liability computed under the Income Tax Act is ₹3,50,000. During computation of ...
• Mr. Arjun earns ₹12 lakh as salary and has invested ₹1.5 lakh in PPF. He also pays ₹30,000 as health insurance premium for himself and ₹50,000 for ...
• Which section of the Income Tax Act, 1961 deals with the income from "Salaries"?
• Mr. X's gross total income is ₹12,00,000. He has made a deduction of ₹1,50,000 under Chapter VI-A. What is his total income?
• Which of the following is a capital gain?
• Mr. A (age 35) has a total income of ₹14,00,000. What is his tax liability for A.Y. 2024-25? (Assume no deductions)
• Under the Income Tax Act, 1961, which section deals with deduction of tax at source (TDS) on salary?
• Which of the following incomes is fully exempt under Section 10 of the Income Tax Act?
• For an individual resident in India aged below 60 years, the basic exemption limit for the Financial Year 2025-26 (Assessment Year 2026-27) is:
• Under the Income Tax Act, the maximum amount of deduction allowed under Section 80C for investments/expenditures (for FY 2025-26) is:
• Which section of the Income Tax Act provides for a deduction of interest on a home loan for a self-occupied property?
• As per the Finance Act 2025, what is the revised tax rate for individuals opting for the new tax regime with income between ₹12 lakhs and ₹15 lakhs?
• Which ITR form is applicable for individuals having income from salary and house property?
• Deduction under Section 80C is available up to:
• Mr. A (age 45) has income from business ₹8,00,000 and capital gains (LTCG) ₹1,50,000. What is his tax liability? (Assume no deductions)
• Deduction under Section 80C is available up to:
• Company turnover ₹20Cr, taxable income ₹2Cr. MAT liability? (MAT rate 15%)
• For an individual resident in India (age below 60 years), the basic exemption limit for the Financial Year 2025-26 (A.Y. 2026-27) under the NEW tax regime ...
• Which of the following is not an allowable deduction under Section 80C of the Income Tax Act?
• The rate of Tax Deducted at Source (TDS) on payments of professional fees to a resident individual (if PAN is furnished) under Section 194J is generally:
• Under the Income Tax Act, "Residential Status" is determined for:
• Section 80D provides a deduction for:
• The "Standard Deduction" available to salaried taxpayers for A.Y. 2025-26 (under New Tax Regime) is:
• Under Section 16(2) of the CGST Act, what happens if a recipient fails to pay the supplier within 180 days from the invoice date?
• Which form is used for filing TDS return for payments other than salaries?
• Under the Income-tax Act, 2025, Chapter VI-A deductions (which include former deductions like Section 80C, 80D, 80G, etc.) are primarily available under wh...
• Which of the following deductions under the National Pension System (NPS) is allowed even under the Default New Tax Regime?
• A banking company has an option to claim a fixed percentage of every month's eligible ITC instead of segregating business and exempt credit. What is that p...
• What is the consequence under Section 16(2) of the CGST Act if a recipient fails to pay the supplier within 180 days from the invoice date?
• Which of the following expenditures qualifies for blocked Input Tax Credit (ITC) under Section 17(5) of the CGST Act?
• Under the Income-tax Act, 2025, which new unified concept replaces the former distinction between "Previous Year" and "Assessment Year"? 
• Advance Tax is calculated and paid on which of the following bases?
• By when must the quarterly TDS statement/return for the quarter ending 30th June (Q1) be filed?
• What is the rate of interest charged for delay in depositing TDS to the credit of the Government after deducting it?
• In a monthly salary breakdown, how is Gross Salary computed before deducting taxes or social security contributions?
• What formula correctly derives an employee's final Net Salary (take-home pay) from payroll calculations?