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Determining Tax Literacy of Salaried Individuals- An

Experiential Analysis of Marathwada Region

Name of the Town :-------Status of Place of Residence :------Sex :- Male

Age (Years) :- ------Material Status :- Married
Educational Qualification : Up to Hr. Sec

7. Occupation: Clerical

Executive/ Managerial

Sr. Manager

8. Types of Employment: Government

9. No. of Year of Service:- 1 to 3 Yrs.
9 to 15 Yrs.


16 to 25 Yrs

Top level Management

4 to 8Yrs.
26 Plus Yrs

10. Your Income Slab: Rs.3,00,000 to Rs.5,00,000 Rs.5,00,001 to Rs.10,00,000

Rs.10,00,001 more

12. Attitude Towards Tax Planning

(SA- Strongly Agree; A-Agree; N-Neutral; D-Disagree; SD-Strongly Disagree)

Tax Saving can add to your income
Money saved is money lost unless Tax
Tax planning is a important part of
Investment Planning
Save tax and earn more; be a prudent
Save income tax and cover your medical
expenses with a smile
Looking for protection and growth



Tax savings is a key part of financial


Pay less tax; earn more


Tax should be simple and easy to be

The hardest thing in the world to
understand is income tax
13. Rank Your Expected Source to Increase Income Tax Knowledge (Rank 1to7)
Print Media
Electronic Media
Financial Or Investment
Tax Consultant Or
Charted Accountant
14. Ability Manage Your own Income Tax Issue (please Tick)
Not Sure At all
Not too sure
Somewhat Sure
15. Have you to attend any workshop on Income Tax

Very Sure


16. If Yes, On Which Topic

Basics of Income Tax

Computation of Tax Liability

Filings of Return

Tax Savings

17. Are You Use E-Filing Facility : - Yes


18. If Yes, What is Your Source Of E-Filling


Tax Return Preparer

19.. A return of income is



a) It is a prescribed form through which the particulars of income earned by a person in a

financial year and taxes paid on such income are communicated to the Income-tax Department.
b) It is a prescribed form through which the particulars of income earned & Expenses by a
person in a financial year and taxes paid on such income are communicated to the Income-tax
c) It is a prescribed form through which the particulars taxes paid and are communicated to the
income tax determent
d) No Idea
20. From the following which Return form is applicable to an individual having salary or
pension income or income from one house property or income from other sources (not
being lottery winnings and income from race horses)
a) ITR- 2A b) ITR -4 c) ITR -1 d) ITR 2
21. Income tax computed of the---------------A) Financial Year b) Calendar Year c) Every Year

d) Assessment Year

22. ITR V is ---- a) the statement of filing the return of income. b) The acknowledgement of
filing the return of income. c) The specimen copies of income details d) none.
23. Part III Tax Awareness
1 Do you knowIncome Tax Act undergoes change every year with
additions and deletions brought about by the Finance Act
passed by the Parliament (Governments Annual Budget)?
The various items of income that are exempt from tax.
How the taxable income is computed?



24) Do you discuss Governments Annual Budget provisions
with your tax
consultant before hand?
25) Does your tax consultant help you in understanding
the impact of budget provisions on your tax liability
and planning tax accordingly?


When the income of other persons included in assessee's

total income?
Deductions permissible under chapter VI-A of Income Tax
How income tax is charge?
At which rate income tax is to be charged?


26) Form the following which mode of filling the returns of income with income tax
a) by furnishing the return in a paper form
b) by transmitting the data in the return electronically under electronic verification code;
c) by transmitting the data in the return electronically and thereafter submitting the
verification of the return in Return Form ITR-V
d) All of the above
27) The taxpayer is not required to attach any document (like proof of investment, TDS
certificates, etc.) along with the return of income (whether filed manually or filed
b) False
28) Has income tax department provide free e filing utility to generate e- return and
furnishing of returns electronically.
a) Yes
29) There is no difference between e-filing and e-payment?
a) True
30) If you Paid excess tax than tax department will give you a
a) Tax exemption b) Tax concession c) Refund


31) A return can be revised any number of times before the expiry of -------------- from the
end of the assessment year or before assessment by the Department is completed,
whichever event takes place earlier.
a) One Year
b) Two Year c)Six months
32) Legally, Since how long we should keep a copy of return filings as proof
a) 0 to 2 years
b)2 to 4 years
c) 4 to 6 years
d) Not Required
33. From the following match the deductions
I. 80C

a. Interest Income from Savings account

II. 80 D -

b. Donation towards Social Causes

III. 80E -

c. Education expense(Fees) of children

IV. 80 G -

d. Mediclaim Insurance Premium

V. 80TTA (1)

e. Dedication on Educational Loan


b) I-b,II-a,III-c,IV-e,V-a

c) I-c,II-a,III-e,IV-d,V-b

34) Mr. Raja has made a fixed deposit with XYZ Bank. Annual interest on the deposit is
Rs. 8, 40,000. Will the bank be liable to deduct any tax (TDS 10%) from the interest paid
to Mr. Raja?
a) Yes Bank will deduct tax and pay net amount Rs.7, 60,000
b) No, Bank will not deduct tax and pay net amount Rs.8, 40,000
c) No, Bank will not deduct tax and pay interest plus net amount Rs. 9, 24,000
d) None of the above
35) From the following, provisions of deduction of tax at source (TDS) are applicable
- a) Yes
b) No
- a) Yes
b) No
Commission - a) Yes
b) No
Brokerage - a) Yes
b) No
Parking fees - a) Yes
b) No
36) With the help of Form 16, 16A & 26AS you will got to know your quantum of tax
deducted from income chargeable under the head
a) Income from other source b) Salary
c) Capital Gain
d) Not Aware
37) Form 26AS is a consolidated tax statement with respect to a financial year , which
includes the details of TDS ,TCS and Advance tax /Self assessment Tax regular assessment
tax etc.(deposited in the bank by the taxpayer) issued by income tax authority to PAN
a) Strongly Agree b) Agree
c) Disagree d) Strongly Disagree
38) PAN stands for Permanent Account Number and TAN stands for Tax Deduction
Account Number.
a) Tax Deduction and Collection Account Number
b) Tax Account Number
c) Tax Deduction Authority
d) Not Aware
39) Salary Income considered as per income tax act is generally whatever is received by an
employee from an employer in cash, kind or as a facility [perquisite] is considered as
a) Strongly Agree b) Agree
c) Disagree d) Strongly Disagree
40) There are generally three types of allowances for the purpose of Income-tax Act taxable allowances, fully exempted allowances and partially exempted allowances
a) Strongly Agree b) Agree

c) Disagree d) Strongly Disagree

41) Allowances are fixed periodic amounts, apart from salary, which are paid by an
employer for the purpose of meeting some particular requirements of the employee. E.g.,
Tiffin allowance, transport allowance, uniform allowance, etc.
a) Strongly Agree b) Agree

c) Disagree d) Strongly Disagree

42) If your employer reimburses all your expenses on grocery and childrens education. So
these are in the nature of perquisites and would it be consider as income .
a) Yes


c) Not Aware

43) Pension income is taxed as salary income

A) True

b) False

44) At what rate the employer contributes to provident fund

a) 12% of Basic component of salary

b) 12% of Total salary C) a & c both

d) Not Aware
45) The amount of total contribution of PF deducted from your salary will be eligible tax
benefit ie. Deduction under section 80C
a) Yes

b) No c) Not Aware

44) A Government employee Gratuity and PF receipts on retirement are -------------.

a) Fully Taxable

b) Partially Taxable

c) Exempted

d) Not Aware

45) A Non Government employee, gratuity & PF , if the same received from recognized PF
after rendering continuous service of not less than 5 years is
a) Fully Taxable

b) Partially Taxable

c) Exempted

d) Not Aware

46) Rebate & Relief is allowed to claim from the

a) Total Income b) Tax payable
c) a & b
d) Not Aware
47) Your Income is ---------------- and what would be your expected tax liability.
Please compute for the same.
47) If Accumulated leaves at the time of retirement or otherwise received by government
employee is ----------- and if Non Government employee ------------a) Fully exempted & fully exempted
b) Fully exempted & partially exempted
c) Partially exempted & partially exempted
d) Not Aware

50) On the Maturity of Life Insurance any amount received including bonus is exempt
from tax under the section of 80DD.
a) True
b) False
c) Not Aware
51)If the property is let out throughout year than income from house Property is
computed as follows Gross Annual Value(Less) Municipal taxes paid= Net Annual value
(Less) Less:- Deduction under section 24(Deduction under section 24(a)) at 30% of NAV
& Deduction under section 24(b)) on account of interest on borrowed capital)= Income
From House Property.
a) Strongly Agree b) Agree

c) Disagree d) Strongly Disagree

52) Rate your awareness of computation of income from house property.

a) Fully Aware

b) Partially Aware

c) Unaware

53)Clubbing of income Can Income of two persons club for the tax planning
a) Yes
54) I can claim deduction of personal expenses while computing the taxable income.
a) Yes
55) There is Surcharge in case of individuals/HUF/AOP/BOI/artificial juridical person
surcharge is levied @ 15% on the amount of income-tax where the total income of the
taxpayer exceeds Rs. 1 crore (*).
a) Strongly Agree b) Agree
c) Disagree d) Strongly Disagree
56) Every taxpayer has to furnish the details of his income to the Income-tax Department.
The Income-tax Department examines the return of income for confirming its correctness.
The process of examining the return of income by the Income-tax Department is
called---------------a)Statement of Income
b) Assessment
c)Income Filings
57) PAN enables the department to link all transactions of the assessee with the
department. These transactions include tax payments, TDS/TCS credits, returns of
income, specified transactions, correspondence and so on.
a) Not at all aware b) Slightly aware c) Somewhat aware
d) moderately aware
e) Extremely aware

58) From the following specified financial transactions in which quoting PAN is
mandatory. Please Rate or Tick () according to your knowledge: - (A) Not at all aware
Slightly aware (C) Somewhat aware (D) moderately aware (E) extremely aware

Making an application for issue of a credit or debit



Payment in cash of an amount exceeding Rs. 50,000 to

a hotel or restaurant against bill at any one time.


Sale or purchase of a motor vehicle or vehicle other

than two wheeled vehicles.




Deposits of cash exceeding Rs. 50,000 during any one

day with a banking company or a co-operative bank.
Payment of an amount aggregating to more than Rs.
50,000 in a financial year as life insurance premium to
an insurer.

59) PAN obtained once is valid for life-time of the PAN-holder throughout India.
a) True
c) False
60) Have Aware of how to read PAN Card
E.g. ALWPG5809L
ALW - The first three characters represent the alphabetic series running from AAA to ZZZ.
P P" stands for Individual
G- Fifth character represents the PAN holder's last name/surname in case of an individual
5809 - Next four characters are sequential numbers running from 0001 to 9999
L - Last character, i.e., the tenth character is an alphabetic check digit
a) Not at all aware b) Slightly aware c) Somewhat aware
d) moderately aware
e) Extremely aware
61) Mr. Raj is a salaried employee. On 8th April, 2014, he purchased a piece of land and
sold the same on 29th June, 2016. After holding for a period of less than 36 months will be
eligible tax liability.
a) Strongly Agree b) Agree
c) Disagree d) Strongly Disagree
62) If you, have sold a house which had been purchased 5 years ago. So am I required to
pay tax on profit earned by you on account of such sale?
a) Strongly Agree b) Agree
c) Disagree d) Strongly Disagree