What are the steps involved in computing the tax liability for assessments of 'INDIVIDUAL'?

Round off total income to the nearest multiple of 10 and calculate tax at scheduled rates.

Divide the total income into four parts and calculate tax based on different rates.

Calculate the tax on total income and then add surcharge and education cess.

Calculate tax only on long-term capital gains and short-term capital gains.

Under what conditions is the Alternate Minimum Tax (AMT) payable in India?

AMT is payable by all individuals, regardless of their income.

AMT is payable if the adjusted total income exceeds Rs 20 Lac for individual, HUF, and others.

AMT is payable by corporations and trusts only.

AMT is payable by everyone, irrespective of deductions claimed.

What is the purpose of the Alternate Minimum Tax (AMT) in India?

To reduce luxury goods demand and maintain the value of rupees.

To impose an additional tax on all taxpayers.

To encourage tax evasion among higher income earners.

To replace the regular income tax system.

What is the purpose of obtaining a report in Form No-29C under the Alternate Minimum Tax (AMT) provisions?

To report foreign income of taxpayers.

To certify the adjusted total income and AMT calculated by the taxpayer.

To apply for tax credits for future assessment years.

To claim deductions under section 80P.

What is the purpose of the surcharge in the computation of tax liability?

To provide a discount for timely tax payments.

To reduce the overall tax liability for individuals.

To provide relief to low-income individuals.

To increase the tax liability for high-income individuals.

What is the main objective of imposing Alternate Minimum Tax (AMT) in India?

To simplify the tax computation process.

To ensure that high-income individuals pay a minimum amount of tax.

To provide tax benefits to corporations and trusts.

Assessment of Individuals - 2 Free MCQ Practice Test with Solutions

	Income Tax Laws 27 videos\|25 docs\|12 tests

	Income Tax Laws 27 videos\|25 docs\|12 tests

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