Category : India

Basic Concepts of Income Tax Quiz: How Much You Know About Concepts of Income Tax?

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Questions & Options


1. Which of the following type of rates are decided by Finance Act?

147365 Income Tax Rate
147366 Bank Rate
147367 Interest Rate
147368 All of the above

2. Parson who liable to pay tax on his income known as:

147369 Resident
147370 Assessee
147371 Both of the above
147372 None of the above

3. Select the heads of income out of the followings:

147373 Capital Gain
147374 Salary
147375 Both of the above
147376 None of the above

4. Who has attained the age of sixty years or above called:

147377 Young
147378 Child
147379 Senior Citizen
147380 All of the above

5. A__________ is levied on the every stage of production .

147385 VAT
147386 Income tax
147387 Custom duty
147388 All of the above

6. Income tax, wealth tax, and corporation tax are called:

147389 Indirect taxes
147390 Direct taxes
147391 Sales tax
147392 Excise duty

7. Sales tax, Excise duty, and customs duty are called:

147393 Indirect taxes
147394 Direct taxes
147395 Sales tax
147396 Excise duty

8. When was GST came into effect in India?

147397 01st July 2017
147398 11st July 2017
147399 21st July 2017
147400 31st July 2017

9. The Goods and Service Tax Act was passed in the Parliament on:

147401 29th March 2014
147402 29th March 2016
147403 29th March 2017
147404 29th March 2018

10. In which country GST wad first introduced?

147405 Brazil
147406 France
147407 India
147408 China

11. Which duty is imposed on imported and exported goods?

147409 Custom duty
147410 Excise duty
147411 VAT
147412 All of the above

12. Which tax is imposed by the Central Gov but the state Gov collects it?

147413 Stamp Duty
147414 Direct tax
147415 Income tax
147416 Corporation tax
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