Introduction to Income Tax

Who introduced Income Tax in India for the first time?

• Lord Dalhousie

• Lord Mountbatten

• Sir James Wilson

• Mahatma Gandhi

Income Tax in India is governed by which Act?

• Wealth Tax Act, 1957

• Income Tax Act, 1961

• GST Act, 2017

• Companies Act, 2013

Income Tax is a ______ tax.

• Indirect

• Involuntary

• Voluntary

• Direct

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

• It is levied on income

• It is a direct tax

• Same rate is applied to all taxpayers

• It is governed by the Income Tax Act, 1961

Which year is considered as the "Assessment Year" for income earned during 1st April 2024 to 31st March 2025?

• 2023-2024

• 2024-2025

• 2025-2026

• 2026-2027

Which of the following is included in the definition of 'Person' under Income Tax Act?

• Individual

• HUF

• Company

• All of the above

Which of the following is NOT a type of Assessee?

• Individual

• HUF

• Trust Fund

• Artificial Person

Income from agriculture in India is:

• Fully Taxable

• Partially Taxable

• Fully Exempt under Section 10(1)

• Taxable under Capital Gains

Which of the following income is exempt under Section 10?

• Salary

• House rent

• Scholarship granted to a student

• Business profit

The financial year in which income is earned is called:

• Tax Year

• Accounting Year

• Previous Year

• Assessment Year