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Income Tax Basics Explained | Tax Rates | 5 Income Heads

Quiz by Support - BusinessPromoted .com

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10 questions
Show answers
  • Q1
    Under which head of income would your salary be categorized for tax purposes?
    Income from Business or Profession
    Income from House Property
    Income from Salary
    Income from Other Sources
    30s
  • Q2
    The five heads of income used in income tax calculation are:
    Gross Income, Net Income, Exempt Income, Taxable Income
    Salary, House Property, Business/Profession, Capital Gains, Other Sources
    Salary, Rent, Investment Income, Business Profit, Savings
    Federal Tax, State Tax, Local Tax, Sales Tax
    30s
  • Q3
    Income tax is levied on:
    Individual Sources of Income
    Deductions from Income
    The highest income source
    Total Income
    30s
  • Q4
    Which of the following is NOT typically deductible from your income for tax purposes?
    Charitable donations
    Medical expenses (up to a limit)
    Groceries
    Interest paid on a home mortgage
    30s
  • Q5
    Tax rates in most countries are:
    Negotiable (you can negotiate your tax rate)
    Regressive (lower income taxed at a higher rate)
    Progressive (higher income taxed at a higher rate)
    Flat (same rate for all income levels)
    30s
  • Q6
    What is the main purpose of filing an income tax return?
    To receive a refund of taxes withheld from your paycheck
    To declare your total income and pay any taxes owed
    To register with the government as a taxpayer
    To claim government benefits
    30s
  • Q7
    Long-term capital gains, from selling assets held for more than a specific period, typically benefit from:
    Always taxed at the highest rate
    Lower tax rates compared to short-term capital gains
    A tax credit towards other income taxes
    No tax liability
    30s
  • Q8
    Rental income from a property you own would be classified under which head of income?
    Income from Business or Profession
    Income from Other Sources
    Income from Capital Gains
    Income from House Property
    30s
  • Q9
    Income tax is typically calculated on an:
    Transaction basis
    Monthly basis
    As needed basis
    Annual basis
    30s
  • Q10
    Individuals with very low income may be eligible for a:
    A tax credit (directly reducing their tax owed)
    Tax rebate (reducing their tax liability)
    Higher tax rate
    Automatic tax deduction
    30s

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