Click the appropriate answer:

1) The ---- performs & depends upon purposes such as education,health,defence,law & order, etc.

public government private companies

2) To meet the expenses govt. collect ---- from public.

taxes funds sponsorships

3) Income taxes, wealth tax, sales tax, etc. are undertaken by ---- government

Agencies private co. government

4) Taxes are proposed every year in ---- & ---- govt. budget.

central & state local & state local & central

5) If any individuals income exceeds a specified limit then he has to pay a part of his -----to the govt.

taxes income rebate

6) Paying part of income exceeding a certain limit is called ----

Income tax wealth tax exchange tax

7) Person paying the tax is called ----

payee drawee assessee

8) The ---- of income tax changes year by year.

rates charges need

9) The Annual Union budget is presented in the ----

Vidhansabha Mantralya Parliament

10) The ---- announces rates & ammendments of various tax laws to be enforced for the next financial year.

Prime minister President Finance minister

11) Financial year is from ---- to ----

1st Jan 31st Dec 1st Apr 31st Mar 1st Jun 31st May

12) Budget is generally presented on ----

28th Feb 26th Feb 24th Feb

13) Annual income upto 40000 carries ---- tax

10% 20% Nil

14) Annual income between 4000-60000 carries ---- tax

10% 15% 20%

15) Annual income between 60001-120000 carries ---- tax

20% 40%s 30%

16) Annual income above Rs 120000 carries ---- tax

25% 50% 75%

17) A standard deduction equal to ---- or ---- whichever is less is allowed in computing income under the head salaries.

331/3% Rs. 18000 331/3 Rs.15000 231/3 Rs 1800

18) A working woman with annual income upto Rs 15000/- is allowed maximum deduction of Rs. ----

15000/- 18000/- 20000/-

19) A working woman with annual income above Rs 75000/- is allowed maximum deduction of Rs. ----

15000/- 18000/- 20000/-

20) Money invested in 10-15 yrs. schemes e.g LIC,PF,etc. are deductable at the rate of ---- of the total investment.

10% 15% 20%

21) Money contributed to ULIP of UTI are deductable at the rate of ---- of the total investment.

10% 20% 30%

22) Tax payers not in receipt of ---- allowance are eligible for deduction in respect of rent paid for residential accomodation in classified cities.

electricity house rent maintainence

23) Dividents, interest income in banks, on deposit, etc. are eligible for deduction for overall ceding of Rs ----

10000 20000 25000

24) Donations to approved trusts or relief funds are exempted from ----

Wealth tax custom duty income tax

25) To compute income tax firstly total ---- is needed

Net Annual Income Gross Annual Income Tax Income

26) Standard deductions from Gross income given as ----

Income tax Net income Payable income

27) Income after deductions from gross income is called ---- income

taxable income income payable Net income tax

28) Total income chargeable to tax is called ---- income

taxable income payable receivable

29) Tax payable on total income is calculated as per the given ---- rates

weighted average Income tax

30) As per section 88 Income tax Act ---- of savings are deducted from Income tax

10% 20% 30%

31) After deduction of savings from income tax, net tax is payable by the ----

drawee assessee payee

32) On purchase of some comodity ---- has to be pay specified tax

seller purchaser agent

33) Tax paid by purchaser on commodity is called ---- tax

purchase sales exchange

34) sales tax is collected by ---- from purchaser

agent shopkeeper drawer

35) Tax is collected by ---- of goods & deposited with the govt.

purchase sales exchange

36) Different items have taxes at different ----

prices rates costs

37) Sales tax is calculated by means of ---- only

Percentage cash bank

38) Sales tax is charged on ---- price

List average sales

39) On savings of Rs. 6000/- ---- amount is deducted from income tax

Rs 1200/- Rs 1400/- Rs 1000/-

40) Costs of deck being Rs 14000 sales tax is charged@10% p.a.Therefore it's basic price is Rs ----

Rs 5000/- 11000/- 10000/-