Income tax

Gifts are taxed under

• Income tax Act

• Wealth Tax Act

• Under Gift Tax Act

• Negotiable Instruments ct

Income Tax is imposed by

• (a) State Government

• (b) Central Government

• (c) Both of the above

• (d) Constitution of India

Parliament has the power to levy tax on incomes other than

• (a) Exempt Incomes

• (b) Income of poor people

• (c) Agricultural Income

• (d) All incomes are taxable

Highest Administrative Authority for Income Tax in India is .

• (a) Finance Minister

• (b) CBDT

• (c) President of India

• (d) Director of Income Tax

Income Tax Act came into force on

• . (a) 1.4.1961

• (b) 1.4.1962

• (c) 1.4.1956

• (d) 1.4.1965

Finance Bill becomes the Finance Act when it is passed by

• . (a) Lok Sabha

• (b) Both Lok Sabha & Rajya Sabha

• (c) Both House of Parliament & signed by President.

• (d) Both House of Parliament & signed by Prime Minister

Mr. P sets up a new business on 15.7.2018 & he commenced his business from 1.2.2019. First PY shall be:

• (a) 15.7.2018 to 31.3.2019

• (b) PY 2018-19

• (c) 1.2.2018 to 31.3.2019

• (d) PY 2019-20

Assesse is a person

• pays tax

• pays tax and penalty

• to whom a notice is sent under the Act

• All the above

Assessees may fail to give the assessing officer adequate co-operation regarding the assessment procedure. The Assessing officer may resort to

• Reassessment

• Best Judgement Assessment

• Summary Assessment

• Self Assessment

It is legal

• Tax avoidance

• Tax evasion

• Tax management

• None