Income tax is charged in mcq
WebNov 23, 2024 · Income tax is payable on- Taxable income 3. Income tax is- Direct Tax 4. The authority on whose recommendation the amount collected as income tax is distributed to state Govt.- Finance Commission 5. Income tax was first levied in the year- 1860 6. In case of delay payments of income tax penalty shall be charged as- 1% per month 7. http://www.jmpcollege.org/Adminpanel/AdminUpload/Studymaterial/TYBMS%20SEM%20V%20D%20TAX%20ATKT%20STUDY%20MATERIAL.pdf
Income tax is charged in mcq
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WebFirms charge depreciation each year? (a) To ensure there is enough money in the firm to replace the asset. (b) To spread the cost of the asset over its working life. (c) To reduce the profit and thus reduce the dividends they can pay to share holders. (d) Because the law states they must be reduced. WebCA Final Direct Tax Laws –MCQ On Income Tax Rate &Basic Concept Of Income Tax. 28. 2. ... Income-tax in India is charged at the rate(s) prescribed by - The Finance Act . The Income-tax Act. The Central Board of Direct Taxes. The Ministry of Finance. Which of the following is not included in taxable income -
WebApr 20, 2024 · Check the below NCERT MCQ Class 12 Economics Chapter 11 Government Budget and Economy with Answers available with PDF free download. MCQ Questions for ... Charged at a decreasing rate when income of the individual increases (b) Charged at a increasing rate when income of the individual increases ... income tax (b)Excise tax (c) … WebNov 12, 2024 · Question: Income tax is levied on those individuals. Option 1: whose income is less than exempted limit in any previous year. Option 2: whose income is more than exempted limit in any previous year. Option 3: whose income is upto ₹ 1,00,000 in any previous year. Option 4: None of the above.
http://www.unishivaji.ac.in/uploads/exam/2024/question-bank/commerce-management/DIT/DIT%20_Commerce%20(1).pdf WebMar 1, 1971 · As per Income Tax Act, 1961, income tax is charged on the income of at a rates which are prescribed by the Finance Act of relevant assessment year. A. current …
WebRelated Multiple Choice Questions. As per Income Tax Act, 1961, income tax is charged on the income of at a rates which are prescribed by the Finance Act of relevant assessment year. The definition of the person includes . The term income includes the following types of incomes. The agricultural income includes .
http://bharatlaws.com/freedwn/Chapter%201%20MCQs%20on%20%20Income%20Tax%20Rates%20and%20Basic%20Concept%20of%20Income%20Tax.docx greenway forage pelletsWebMar 6, 2024 · Business income-Tax on business income is called business Tax. Business tax, also known as Corporation tax, is a type of direct tax. Corporate tax is levied on a … fnma world appWeb8. Income-tax in India is charged at the rates prescribed by - A. The Finance Act of the assessment year B. The Income-tax Act, 1961 C. The Central Board of Direct Taxes D. The Finance Act of the previous year. 9. Income includes - A. Profits and gains B. Profit in lieu of Salary C. Income from other sources D. All of the above 10. greenway forceWebFeb 24, 2024 · Note: MCQ is wrong, as none of the given options is correct. Answer: ... 2024 defines aggregate turnover which is being computed on an India basis excluding the taxes charged under CGST Act, SGST Act, UTGST Act and IGST Act. Aggregate turnover shall include all supplies made by a taxable person comprising of: (i) Taxable supply ... fnmb011WebJan 31, 2024 · Income Tax MCQs 2024 – 23 (Fill in the blanks) 1) The income tax was introduced in India for the first time in 1860 by British rulers. 2) Under Section Sec. 10 … fnmb026WebIncome-tax in India is charged at the rates prescribed by - CA Final Direct Tax Laws –MCQ On Income Tax Rate &Basic Concept Of Income Tax C. Income from other sources D. … fnma workout hierarchyWebMar 8, 2024 · The correct answer is Goods and Services Tax. Key Points. The Goods and Services Tax (GST) is a tax on goods and services.; It is an indirect tax that was implemented to replace a variety of other indirect taxes such as VAT, service tax, purchase tax, excise duty, and so on.; GST is a tax applied in India on the supply of certain goods … fnma work for family