Basic Concepts of Income Tax MCQ | 50 Free MCQs
Basic Concepts of Income Tax MCQ
1. Income tax extends to ……………….. of India.
a. Whole of India
b. Whole of India except Jammu & Kashmir
c. Whole of Maharashtra only
d. None of those
2. Income tax is a tax on ………………
a. Salary
b. Income
c. House Property
d. Profit
3. In all there are ……………… number of section under the Income-tax Act, 1961.
a. 298
b. 290
c. 304
d. 398
4. The rate of tax on Income is decided every year by the .…………….
a. GST Act
b. Income Tax Act
c. Finance Act
d. Income Tax Rules
5. Income tax Act came into force from ………………….
a. 31st March 1960
b. 1st April 1947
c. 1st April 1969
d. 1st April 1961
6. Constitution is the …………….. in India.
a. Parent Law
b. Univeral Law
c. Main Law
d. None of the above
7. The constitution of India empowers …………… to levy tax on income.
a. State Government
b. Central Government
c. Local Government
d. None of the above
8. Gross Tax Liability – …………. = Net Tax Liability.
a. Tax Deducted at Source (TDS)
b. GST
c. VAT
d. House Tax
9. The Finance Bill is introduced by ……………….. .
a. Finance Secretary
b. Commerce Minister
c. Finance Minister
d. None of the above
10. Finance Bill, once approved, becomes ……………….
a. Finance Act
b. Finance Law
c. Finance Ordinance
d. None of the above
| Answers: 1)Whole of India 2)Income 3)298 4)Finance Act 5)1st April 1961 6)Parent Law 7)Central Government 8)Tax Deducted at Source (TDS) 9)Finance Minister 10)Finance Act |
