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Free download in PDF Tax Rate & Basic Concept of Income Tax Multiple Choice Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams like UPSC, NDA, SSC etc. These short solved questions or quizzes are provided by Gkseries./p>
(1)
The Central Government has been empowered by entry ________________ of the Union list of schedule VII of the constitution of India to levy tax on income other than agricultural income.
[A]
84
[B]
82
[C]
81
[D]
85
(2)
The Income tax act, 1961 came into force w.e.f. __________ _
[A]
1st April, 1962
[B]
31st March, 1961
[C]
1st April, 1961
[D]
None of above
(3)
Amongst the following _________________ is empowered to levy tax on agricultural income.
[A]
Central Government
[B]
State Government
[C]
Commissioner
[D]
President
(4)
Circulars and Notifications are binding on the
[A]
Central Board of Direct Taxes (CBDT)
[B]
Assessee
[C]
Income Tax Appellate Tribunal (ITAT)
[D]
Income Tax Authorities
Answer: Income Tax Authorities
(5)
Supreme Courts precedent in binding on
[A]
Courts
[B]
Appellate Tribunals
[C]
Income Tax Authorities
[D]
All of the above.
Answer: All of the above.
(6)
High Court's precedents are not binding on
[A]
Tribunal
[B]
Income Tax Authorities
[C]
Assessee
[D]
None of the above.
Answer: None of the above.
(7)
Wherever in the Act the phrase as prescribed appears it means that -
[A]
Regulations are to be framed is in this respect.
[B]
Rules have been framed in this respect.
[C]
Regulations were earlier framed in this respect.
[D]
Regulations are framed in this respect.
Answer: Regulations are framed in this respect.
(8)
Who amongst the following confers on the power to issue circulars and clarifications?
[A]
ITAT
[B]
Central Government
[C]
CBDT
[D]
State Government
(9)
Amendments by the finance act are made applicable from
[A]
First day of next financial year
[B]
First day of same financial year
[C]
Last day of same Accounting year
[D]
None of the above.
Answer: First day of next financial year
(10)
Income Tax is charged in -
[A]
Financial Year
[B]
Assessment Year
[C]
Previous Year
[D]
Accounting Year
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