Income Tax is ___________

(a)

a business tax

(b)

a direct tax

(c)

an indirect tax

(d)

none of these

The year in which income is earned is known as _____.

(a)

Assessment year 

(b)

Previous year

(c)

Light year 

(d)

Calender year

Income Tax is levied by ______.

(a)

Local Authority

(b)

State Government

(c)

Central Government

(d)

All of the above

Income of the previous year 2017- 18 is taxable in the assessment year ______.

(a)

2015-16

(b)

2017-18

(c)

2016-17

(d)

2018-19

In case of an individual-the exempted limit income for assessment year 2018-2019 is ______.

(a)

Rs.2,50,000

(b)

Rs.1,50,000

(c)

Rs.2,00,000 .

(d)

Rs.3,00,090

Income Tax Act came into force  on ________________

(a)

1.4.1932

(b)

1.4.1962

(c)

1.4.1947

(d)

1.4.1954

The legislative powers of the Union Government and the State Governments are given in the ____________ of the Indian Constitution.

(a)

Article 246 (VII schedule)

(b)

Article 246 (VI schedule)

(c)

Article 264 (VII schedule)

(d)

Article 446 (VII schedule)

Indian Taxation system was framed in Constitution of law in Article _____________Seventh Schedule.

(a)

146

(b)

246

(c)

248

(d)

249

Normal  income Tax is prescribed by ___________every year.

(a)

Financial Minister

(b)

Finance Act

(c)

Finance Department

(d)

None of these

Which income is exempled from tax?

(a)

Capital gain

(b)

Lottery

(c)

Agricultural income

(d)

Deemed income