Tax Book 2023

Final Tax Regime and Minimum Tax Chapter- 22

(c) As a separate block

(d) Both ‘b’ and ‘c’

Q.16 Prize on prize bond is taxable at the rate of

(a) 20%

(b) 15%

(c) 10 %

(d) 5% of the gross amount paid.

Q.17 Prize on winning a quiz is taxable at the rate of

(a) 20%

(b) 15%

(c) 10%

(d) 5% of the gross amount paid.

Q.18 A person selling petroleum products to a petrol pump operator is required to deduct tax from the
amount of commission or discount allowed at the rate of____.
(a) 15%
(b) 12 %
(c) 20%
(d) None of the above

Q.19 The tax rate applicable to the foreign indenting agent receiving commission or brokerage
is____.
(a) 12 %
(b) 1 %
(c) 5 %
(d) None of the above

Q.20 Owner of goods transport vehicles shall pay tax on motor vehicles on the basis of ___.

(a) taxable income

(b) laden weight

(c) number of wheals

(d) none of above

Q.21 Where the income is taxable under ___ it shall not be chargeable to tax under any head of income
while computing the taxable income of the person.
(a) FTR
(b) SBI under NTR
(c) NTR
(d) all of above

Q.22 The person deriving income covered under __ shall be allowed deduction for expenditure
incurred in deriving such income.
(a) FTR
(b) SBI under NTR
(c) NTR