Income tax

Income tax

University

15 Qs

quiz-placeholder

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Income tax

Income tax

Assessment

Quiz

Other

University

Medium

Created by

Annie Stephen

Used 100+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gifts are taxed under

Income tax Act

Wealth Tax Act

Under Gift Tax Act

Negotiable Instruments ct

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Tax is imposed by

(a) State Government

(b) Central Government

(c) Both of the above

(d) Constitution of India

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Highest Administrative Authority for Income Tax in India is .

(a) Finance Minister

(b) CBDT

(c) President of India

(d) Director of Income Tax

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income Tax Act came into force on

. (a) 1.4.1961

(b) 1.4.1962

(c) 1.4.1956

(d) 1.4.1965

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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