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1. What is the tax rate used to compute the income tax liability of an individual?

It is a slab rate decided and announced by the government in the budget

It is a flat rate decided and announced by the government in the budget

It is always 30%

2. Which of the following is liable for service tax?

A retail shop

A salaried individual

A Chartered Accountant

3. Wealth tax is applicable for anyone who has assets greater than

15 lakhs

50 lakhs

30 lakhs

4. How do you reduce your tax liability?

By using permissible deductions

By declaring only some part of income

By using household expenses to set off income

5. Which of the following income is exempt from Income tax?

Dividend Income

Business Income

Salary Income

Taxes and you: plan your taxes well and pay smart

fundamental ideas about taxation.

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Level - 6,3,8,6 BASIC

The simple principles based on which we pay our taxes, are easy to understand. View this video to learn a few fundamental ideas about taxation. Part 1 of 2.

AUTHOR(s):Uma Shashikant

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Nice informative video. Thanks.

Taxes and you: plan your taxes well and pay smart

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