Income Tax Act Quiz

Section 1 of the Income Tax Act deals with what?

• Short title, extent, and commencement

• Taxability of individuals

• Residential status

• Rates of income tax

Clubbing provisions are laid down under which sections of the Income Tax Act?

• Sections 60 to 64

• Sections 52 to 56

• Sections 65 to 69

• Sections 56 to 59

In case of revocable transfer, income is taxable in the hands of:

• Transferee

• Transferor

• Trustee

• None

Income of a minor child is not clubbed with parents if:

• Child earns through own skill/talent

• Income is less than ₹1,500

• Child is married

• Income is from mutual funds

Clubbing of income provisions are applicable when:

• There is an intention to transfer income without transferring the asset

• Transfer of income is revocable

• Transfer is made to spouse/minor child

• All of the above

Clubbing provisions are applicable in case of income of minor child under:

• Section 64(1A)

• Section 64(1B)

• Section 64(1C)

• Section 64(1D)

Under which section is the clubbing of income of a spouse covered?

• Section 64(1)(iv)

• Section 62(1)(iv)

• Section 63(1)(iv)

• Section 60(1)(iv)

Which landmark case defined tax as a compulsory exaction of money by a public authority for public purpose enforceable by law, and not a payment for services rendered?

• Keshavananda Bharati v. State of Kerala (1973)

• Commissioner HR & CE v. Lakshmendra (1954)

• Minerva Mills Ltd. v. Union of India (1980)

• Golaknath v. State of Punjab (1967)

Which article of the Constitution of India defines taxation as including the imposition of any tax or impost, whether general, local, or special, and states that tax shall be construed accordingly?

• Article 265

• Article 14

• Article 366(28)

• Article 370

Which year marked the introduction of the First Income Tax Act in India?

• 1961

• 1857

• 1950

• 1860