BANKING GENERAL KNOWLEDGE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Rs. 2 lakh per annum
|
|
|
RS. 2.5 lakh per annum
|
|
|
Rs. 3 lakh per annum
|
|
|
Rs. 3.5 lakh per annum
|
Detailed explanation-1: -The FY 2014-15 rebate under Section 87A of the Income-tax Act, 1961, was also reduced to Rs 2, 500 from Rs 5, 000 for those earning between Rs 2.5 lakh and Rs 3.5 lakh.
Detailed explanation-2: -For ordinary individual tax payers, the basic exemption limit, upto which he is not required to pay any tax, is presently fixed at Rs. 2.50 lakh for AY 2021–22. However, for Senior Citizens the basic exemption limit is fixed at a higher figure of Rs. 3 lakh.
Detailed explanation-3: -Total expenditure of Rs. 17, 94, 892 crore estimated. Gross Tax receipts of Rs. 13, 64, 524 crore estimated.
Detailed explanation-4: -Under the new income tax slabs, 5 per cent tax will be applicable on taxable income from Rs 3-6 lakh, 10 per cent on Rs 6-9 lakh, 15 per cent on Rs 9-12 lakh, 20 per cent on Rs 12-15 lakh, and 30 per cent above Rs 15 lakh.