Which Article of the Constitution allows the Authority of law to collect taxes?

• Article 265

• Article 264

• Article 12

• Article 246

Which tax regime is called as the default tax regime?

• New Tax Regime
• Optional Tax Regime

• Flat Tax Regime
• Old Tax Regime

The default tax regime has different rates for senior citizens. True or False?

• True

• False

If the Net Taxable Income of a person is INR 3,00,000 for AY 2025-26, He should opt for default tax Regime or Optional Tax Regime?

• Optional Tax Regime
• Indifferent

• Default Tax Regime

What is the Tax Liability (only Basic Tax) if the income of a person is 5,00,000 under optional tax regime? Ignore Rebate.

• NIL

• 10000
• 20000
• 12500

Who are called Super Senior Citizens under the Income tax Act?

• Individuals aged 70 years and above.
• Individuals aged 60 years and above.

• Individuals aged above 80 years

• Individuals aged 80 years and above.

Who makes the Income Tax Rules?

• Income Tax Department
• Ministry of Finance
• Central Board of Direct Taxes (CBDT)
• Parliament of India

Who is NOT a person under the Income Tax Act?

• God

• An Alien

• A government entity
• A non-profit organization

What is the maximum rebate u/s 87A under the default tax regime?

• Rs 20,000

• Rs 25,000

• Rs 15,000

• Rs 12,500

Who is the current Finance Minister of India?

• Nirmala Sitharaman
• Piyush Goyal
• Arun Jaitley
• Suresh Prabhu