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Overview of IT Act, 1961

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

How many Chapters are there in the Income Tax Act, 1961?

a)

XXIX

b)

XXIII

c)

XXIV

d)

XXVI

2.

How many Sections are there in the Income Tax Act, 1961?

a)

293

b)

295

c)

296

d)

298

3.

Definitions are provided in Section _____ of the Income Tax Act, 1961.

a)

1

b)

2

c)

3

d)

4

4.

Previous Year is defined in Section _____ of the Income Tax Act, 1961.

a)

1

b)

2

c)

3

d)

4

5.

Section _____ is the main charging section in Income Tax Act, 1961.

a)

1

b)

4

c)

5

d)

7

6.

Parliament has the power to levy tax on incomes other than ________

a)

Exempt Incomes

b)

Income of poor people

c)

Agricultural Income

d)

Income of President

7.

Highest Administrative Authority for Income Tax in India is ________.

a)

Finance Minister

b)

CBDT

c)

PM of India

d)

Member (Revenue)

8.

Income Tax Act came into force on ________ .

a)

01.04.1961

b)

01.04.1962

c)

01.01.1962

d)

01.01.1961

9.

Explanations gives __________to the main provision.

a)

Meaning

b)

Clarification

c)

Exception

d)

None of the above

10.

Proviso gives __________to the main provision.

a)

Meaning

b)

Clarification

c)

Exception

d)

None of the above

11.

Finance Bill becomes the Finance Act when it is passed by _______.

a)

Lok Sabha

b)

Lok Sabha & Rajya Sabha

c)

Both House of Parliament & signed by Finance Minister

d)

Both House of Parliament & signed by President

12.

Part 1 of schedule I of the Finance Act, 2022 gives the rate of income tax for Assessment Year _______.

a)

2021-22

b)

2022-23

c)

2023-24

13.

Notifications issued by CBDT are binding on _______.

a)

Assessee

b)

Income Tax Authority

c)

Assessee & Income Tax Authority

d)

None

14.

Circulars issued by CBDT are binding on _______.

a)

Assessee

b)

Income Tax Authority

c)

Assessee & Income Tax Authority

d)

None