Quiz: How well do you know your taxes?

Think that you are a tax expert? Take this simple tax quiz and find out.

If you get less than 4 right answers then consider your tax quotient as average.

If you get between 5 to 7 right answers then consider your tax quotient as good.

If you get between 8 to 10 right answers then consider your tax quotient as excellent.

1. When is the Direct Tax Code being implemented?

a) April 1, 2011
b) April 1, 2012
c) It is already implemented

2. The Rs 20,000 additional investment in Infrastructure bond comes under which section?

a) Section 80C
b) Section 80D
c) Section 80CCF

3. What is the difference between AY (Assessment Year) and FY (Financial Year)?

a) They are same
b) AY is one year before FY
c) AY is one year ahead of FY

4. What is meant by ELSS?

a) Equity Linked Saving Scheme
b) Equity Like Saving Service
c) Enterprise Linked Savings and Scheme

5. If you are an individual having income from salary, house property and capital gains, which ITR form should you use?

a) ITR-1
b) ITR-2
c) ITR-4

6. What do you understand by section 80D?

a) Exemption for charity
b) Exemption for education loan
c) Exemption for medical insurance premium

7. What is the due date for filing income tax return for individuals?

a) March 31 of every year
b) December 31 of every year
c) July 31 of every year

8. What is the tax exemption limit for gifts received from non-relatives?

a) Rs 20,000
b) Rs 50,000
c) Rs 100,000

9. How much can you invest per year in PPF (Public Provident Fund) account?

a) Rs 70,000
b) Rs 20,000
c) Rs 50,000

10. What is Form 26AS?

a) A statement of TDS (Tax deducted at source) and TCS (Tax collected at source)
b) A statement of tax penalty
c) Application form for new PAN card