If you also want to understand what exactly is Income Tax or Income Tax, then we are telling you about it in detail. Every year the Finance Minister of the country talks about Income Tax (IT) ie Income Tax. Sometimes the tax slab of income tax is changed, sometimes the tax exemption is increased or reduced. Sometimes there is talk of investment options for income tax (IT) savings, sometimes there are income tax savings. There is talk of dismantling some of the ongoing facilities or introducing some new facilities. Income tax (IT) is the tax on our income. Every year we have to pay a fixed portion of our income to the central government. Tax is charged in two ways to meet government expenditure in the whole world including India. Let's know more about the Basic Concepts of Income Tax.
1. Which of the following type of rates are decided by Finance Act?
A. Income Tax Rate
B. Bank Rate
C. Interest Rate
D. All of the above
2. Parson who liable to pay tax on his income known as:
A. Resident
B. Assessee
C. Both of the above
D. None of the above
3. Select the heads of income out of the followings:
A. Capital Gain
B. Salary
C. Both of the above
D. None of the above
4. Who has attained the age of sixty years or above called:
A. Young
B. Child
C. Senior Citizen
D. All of the above
5. A__________ is levied on the every stage of production .
A. VAT
B. Income tax
C. Custom duty
D. All of the above
6. Income tax, wealth tax, and corporation tax are called:
A. Indirect taxes
B. Direct taxes
C. Sales tax
D. Excise duty
7. Sales tax, Excise duty, and customs duty are called:
A. Indirect taxes
B. Direct taxes
C. Sales tax
D. Excise duty
8. When was GST came into effect in India?
A. 01st July 2017
B. 11st July 2017
C. 21st July 2017
D. 31st July 2017
9. The Goods and Service Tax Act was passed in the Parliament on:
A. 29th March 2014
B. 29th March 2016
C. 29th March 2017
D. 29th March 2018
10. In which country GST wad first introduced?
A. Brazil
B. France
C. India
D. China
11. Which duty is imposed on imported and exported goods?
A. Custom duty
B. Excise duty
C. VAT
D. All of the above
12. Which tax is imposed by the Central Gov but the state Gov collects it?
A. Stamp Duty
B. Direct tax
C. Income tax
D. Corporation tax
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