Income tax- Basic concepts

Income-tax Act, 1961 applies to .....

• Whole of India

• Whole of India excluding J&K

• Whole of India excluding union territories

• All of the above

Income from a business in Pakistan is taxable in the case of......

• Resident and ordinarily a resident

• Resident but not ordinarily a resident

• Non Resident

• Not taxable

As per Section 2(7),“Assesses” means a person.

• Against whom proceeding has been taken under the act

• By whom any tax or other sum of money is payable

• A person deemed to be assessee in default

• All of the above

Association of persons consists of .....

• Individuals (only)

• Company

• Any Person other than (a)

• Any kind of person

Assesse is a person

• pays tax

• pays tax and penalty

• to whom a notice is sent under the Act

• All the above

The one year period from 1st April to 31st March starting immediately after the financial year is termed as --------?

• Assessment year

• Financial Year

• Both A & B

• None of the above

Income Tax is imposed by

• (a) State Government

• (b) Central Government

• (c) Both of the above

• (d) Constitution of India

Income Tax Act was passed in the year_________

• 1934

• 1956

• 1961

• 1972

INCOME TAX is a

• Direct Tax

• Indirect Tax

• Corporation Tax

• Death Tax

‘Income’ includes the following types .

• Legal income

• Illegal income

• Both legal & illegal income

• None of these