Gifts are taxed under
Income tax

Quiz
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Other
•
University
•
Medium
Annie Stephen
Used 100+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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