Basic concept of income tax

When does income tax Act comes into force

How many heads are there for the computation of income

• Three

• Six

• Five

• Four

Following are the different heads of income under income tax Act.

• Income U/H Salary

• Income U/H business and profession

• Income U/H Lottery

• Income U/H other sources

• Income U/H land

Followings are the examples of a person under income tax Act

• Nanavati hospital

• Amitabh bachhan & co.

• Abhishek & Aishwarya pvt. Ltd.

• Carona virus

Income of the previous year put to tax in Assessment year, the statement is____.

• True

• False

• May be

• True but with certain exceptions

Which of the following is not included in the income?

• Tip received by the zomato delivery boy

• Pin money received from the husband

• Own money found in old books

• Application of an income

The full form of MMR is

• Maximum Money Rate of Tax

• Minimum Marginal Rate of Tax

• Maximum Marginal Rate of Tax

• Minimum Money Rate of Tax

An assessee is always a person but a person need not to be assessee the statement is

• May be

• True

• False

• Partial true

In case of non resident shipping co. the income of PY is put to tax in PY itself as

• 14% of total freight

• 7% of total freight

• 5% of total freight

• 6% of total freight

Assessment year is known as

• The year in which assessee earn the income

• The year in which assessee pays the tax on income earn in PY

• The year in which assessee pay tax in advance

• The year in which assessee find excuse to not to pay any taxes