Income Tax Quest

 

1. Income Tax Act was passed in the year _________. 

A) 1947

B) 1950

C) 1961

D) 1991

Answer: C) 1961

 

2. The payment of Gratuity act came in to force in ____________ 

A) 1954

B) 1973

C) 1991

D) 1972

Answer: D) 1972

 

3. Deduction from annual value is allowed under ______________. 

A) Section 24

B) Section 25

C) Section 27

D) Section 28

Answer: A) Section 24

 

4. _______% standard deduction is allowed on annual value. 

A) 20

B) 30

C) 40

D) 50

Answer: B) 30