Dear Readers,
Mahendras has started special quizzes for IBPS & SBI Exam so that you can practice more and more to crack the examination. This IBPS & SBI Exam special quiz series will mold your preparations in the right direction and the regular practice of these quizzes will be really very helpful in scoring good marks in the Examination. Here we are providing you the important question of reasoning ability for the IBPS & SBI Exam.
Q1-10 Read the following passage carefully and answer the questions given below it. Certain words have been given in bold to help you locate’ them while answering some of the questions.
In a move that stands to benefit about 85 lakh salaried taxpayers, the Central Government launched a scheme under which assessees having annual income up to Rs.5 lakh through salary and bank interest will not be required to file income-tax returns for assessment year 2011-12.
The scheme is aimed at avoiding duplication of available information in such cases where there are no other sources of income, an official statement said: “The CBDT has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income-tax return for assessment year 2011-12, which will be due on July 31, 2011”.
According to Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra, the scheme would cover those salaried taxpayers whose interest income per annum is up to Rs.10,000.
“Individuals having total income up to Rs.5 lakh for 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return,” he said.
Such individuals will have to report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16. In effect, the Form 16 issued to salaried employees will be treated as I-T return under the scheme.
As for pensioners engaged in gainful employment, they will also be covered under the scheme, provided their interest income, taxable pension and salary is up to Rs.5 lakh per annum, Mr. Chandra said.
The scheme, however, will not be applicable to individuals who have received salary from more than one employer in a financial year as may happen when an employee assessee switched jobs.
The scheme will also not cover those tax payers who have income from sources other than salary and interest income from a savings bank account, or have claims of I-T refund.
Moreover, “the scheme shall also not be applicable in cases wherein notices are issued for filing the income-tax return under Sec. 142(1) or Sec. 148 or Sec. 153A or Sec. 153C of the Income-tax Act 1961,” the statement said. Notices under these provisions are issued when there is estimate by valuation officer (Sec. 142(1)), income has escaped assessment (Sec. 148), search is carried out (Sec. 153A) and assessment of income of other person (Sec. 153C).
Q1 Choose the word which is most nearly the SAME in meaning as the word given in bold as used in the passage.
Assesses
01. Reaches
02. Avoids
03. Scatters
04. Estimates
05. None of these
Q2 Choose the word which is most nearly the SAME in meaning as the word given in bold as used in the passage.
Switched
01. put on
02. opened
03. touched
04. changed
05. None of these
Q3 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage.
Cover
01. exclude
02. include
03. hide
04. reveal
05. None of these
Q4 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage.
Deduction
01. reduction
02. addition
03. association
04. automation
05. None of these
Q5 Choose the word which is most nearly the OPPOSITE in meaning as the word given in bold as used in the passage.
Received
01. taken
02. counted
03. raised
04. distributed
05. None of these
Q6 The scheme will not be applicable to –
(A) Individuals who have filed their income tax returns within the financial year.
(B) Tax payer who receive income from sources other than salary and interest income.
(C) Individuals serving more than one employers.
01. Only A
02. Only C
03. Only A and B
04. Only B and C
05. None of these
Q7 Which of the following are exempted, from filing income tax returns for year 2011-12, as per the new scheme?
(A) Salaried tax payers with total income less than Rs. 5 lakh per annum.
(B) Taxable pension and salary less than Rs. 5 lakh per annum.
(C) Salaried taxpayers with total income upto to Rs. 5 lakh per annum.
(D) Tax able pension and salary upto Rs. 5 lakh per annum.
01. Only B
02. Only D
03. Only A and B
04. Only B and C
05. Only C and D
Q8 Which of the following is NOT TRUE in the context of the passage?
(A) Pensioners engaged in gainful employment will not be covered in the scheme.
(B) The scheme is meant to avoid duplication of available information.
(C) The scheme will cover tax payers having income from sources other than salary.
01. Only A
02. Only C
03. Only A and C
04. Only B and C
05. None of these
Q9 Individuals having total income up to Rs. 5 lakh after allowable deductions-
01. obtain certificate of tax deduction in from No. 16.
02. Report their PAN.
03. Report entire income from bank interest to their employer.
04. Pay tax by way of deduction of tax at source.
05. All of the above.
Q10 The scheme would benefit-
01. 10,0000 taxpayers.
02. 85 lakh salaried taxpayers.
03. 5 lakh pensioners.
04. All of the above
05. None of these
Answers:-
Q.1 (5)
Q.2 (4)
Q.3 (1)
Q.4 (2)
Q.5 (5)
Q.6 (4)
Q.7 (5)
Q.8 (3)
Q.9 (5)
Q.10 (2)
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