Direct / Indirect Tax- Quiz No.1

Income Tax is levied on the ___________ of a person.

• Total Income

• Total Income-Debt

• Gross Total Income

• Net Income-Debt

Income-tax in India is charged at the rate(s) prescribed by -------

• The Finance Act

• The Income-tax Act

• The Central Board of Direct Taxes

• The Ministry of Finance

Which of the following is not included in taxable income -

• Income from smuggling activity

• Casual income

• Gifts of personal nature subject to a maximum of `50,000 received in cash

• Income received in kind.

Which amongst the following is not a head of Income?

• Salaries

• Income from house Property

• Capital gains

• Income from exports

The term' income' includes the following types of incomes -

• Legal

• Illegal

• Legal and illegal both

• None of these

Income-tax in India is charged at the rates prescribed by -

• The Finance Act of the assessment year

• The Income-tax Act, 1961

• The Central Board of Direct Taxes

• The Finance Act of the previous year

A person follows calendar year for accounting. For taxation, he has to follow:

• Calendar year only :1stJanuary to 31st December

• Financial year only :1st April to 31st March

• Any of the Calendar or Financial year as per his choice

• He will to follow extended year from 1st January to next 31st March (a period of 15

  months)

Financial year means a year commencing on –

• 31st March of the period

• 1" day of the April

• Mid of the year

• None of these

All assesses are required to follow:

• Uniform previous year which must be calendar year only

• Uniform previous year which must be financial year only

• Any period of 12 months

• Period starting from 1st July to 30th June only

Which is an example for Indirect tax

• Wealth Tax

• Gift tax

• Income tax

• Excise Act