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11th Standard English Medium Commerce Subject Direct Taxes Creative 3 Mark Questions with Solution Part - I

Published on: 27/06/2021

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Creative Questions in class 11 Commerce Subject. It will helps to get more idea about question pattern in every Creative questions with solution.

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Std: 11th Standard - Commerce

chapter: - Creative Questions

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Questions:

Generic 3

5 x 3 = 15

What do you mean by previous year?

What are all the tax rates prescribed for LTCG, STCG and lottery income?

Who do income tax is treated as annual tax?

State slab rate for an individual as per the assessment year 2018-19 under income tax act?

Write short notes on CBDT.

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Answers Key:

Generic 3

5 x 3 = 15

According to Section (3) of Income Tax Act 1961, "The year in which income is earned is called previous year". It is also normally consisting of a period of 12 months commencing on 1st April every year and ending on 31st March of the following year. It is also called as financial year immediately following the assessment year.

The following tax rates have been prescribed under Income Tax Act.
1. Tax on long term capital gain @ 20% (Section 112).
2. Tax on short term capital gain on shares covered under STT @15% (Section 111A).
3. Tax on lottery income @ 30% (Section 115BB)

Income tax is an annual tax because it is the income of a particular year which is chargeable to tax.

Table Income	Slab Rate
Upto Rs.2,50,000	Nil Tax
Rs.2,50,001 - Rs. 5,00,000	5%
Rs.5,00,001 - Rs.10,00,000	20%
Above Rs.10,00,000	30%

(i) The central Government constituted the Central Board of Direct Taxes.
(ii) In India all direct taxes are levied and administered by central Board of direct taxes.
(iii) Income-tax is administered by the Central Government (Ministry of finance) with the help of income tax department.