As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year.

Related MCQs

• For the purposes of computing minimum alternate tax under Section 115B(a) of the Income Tax Act, 1961, the book profit need not to be increased by inter alia, the amount of deferred tax debited to the profit and loss account.
• Which of the following is not included in the term Income under the Income Tax Act, 1961?
• Which of the following is covered under section 80D of the Income Tax Act, 1961?
• The Income Tax Act, 1961 broadly covers .
• The deduction of life insurance premia, contribution to provident fund, etc. will is done under of Income Tax Act, 1961.
• In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed .
• Deduction in respect of contribution to pension scheme of central government comes under _____________of Income Tax Act, 1961.
• In Assessment year, the tax will be calculated at
• Assessment year is the period of 12 months commencing from_every year.
• Agricultural income is completely exempted for assessment year .