Income Tax Quiz

Income Tax in India is governed by the Act passed in the year:

• 1947

• 1961

• 1956

• 1972

The authority responsible for administration of direct taxes in India is:

• RBI

• SEBI

• CBDT

• IRDA

Which article of the Indian Constitution gives the power to levy taxes?

• Article 265

• Article 370

• Article 302

• Article 246

Which of the following is a direct tax?

• GST

• Customs Duty

• Income Tax

• Excise Duty

The term "Assessment Year" refers to:

• Year in which income is earned

• Financial year before earning

• Year following the previous year

• Calendar year

The main objective of income tax is to:

• Control imports

• Encourage exports

• Generate revenue for the government

• Promote foreign trade

The first Income Tax Act in India was introduced in the year:

• 1947

• 1961

• 1860

• 1881

Who is the 'Father of Income Tax' in India?

• Sir James Wilson

• Lord Macaulay

• Jawaharlal Nehru

• Kautilya

Income Tax is a ______ source of income for the government.

• Capital

• Non-recurring

• Revenue

• Transfer

Which of the following is not a feature of Income Tax?

• It is a voluntary payment

• It is a compulsory payment

• It is progressive in nature

• It is levied by the Central Government