Definitions and Charge of Income Tax

Income Tax Act extends to whole of India Except State of Jammu and Kashmir.

• True

• False

Rate of Income Tax is stipulated in the __________.

• Annual Fianance Act

• Income Tax Act, 1961

• Annual Finance Bill

The year in which the income is earned is known as ______________.

• Assessment Year

• Accounting Year

• Previous Year

• Financial Year

Mr. Jack, Partner of M/s. Jack & Jill, is assessable as __________.

• A Firm

• An Individual

• A Body of Individuals

• A HUF

Section ____ defines Resident under Income Tax Act, 1961.

• 2(9)

• 2(41)

• 2(42)
  

• 2(8)

A person by Whom Penalty and Interest is payable under Income Tax Act, 1961 is _______.

• Not an Assessee

• An Assessee

Man of the Match prize received by a professional sportsman is Income as per Income Tax Act.

• True

• False