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The rates of Income Tax are specified in

A. Income Tax Act, 1961

B. Income Tax Rules, 1962

C. Finance Act

D. Circulars of CBDT

Correct Answer : C.


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  1. Income of a minor will not be clubbed with his/her parent's income if
  2. Acceleration of income will not be clubbed with the income of the assessee who transfers such income…
  3. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
  4. Uncommuted pension received by a Government employee is fully exempt from tax.
  5. The aggregate amount of deductions under chapter VI-A can not exceed
  6. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  7. Income of minor child, if clubbed with income of parents, is exempt from tax up to
  8. Which of the following statements is incorrect?
  9. The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
  10. Expected Rent can be determined in the following way
  11. If an assessee makes an absolute transfer of an asset without any consideration then any income from…
  12. No interest is available if the amount of refund of income tax paid is less than
  13. The rates of income tax are specified in
  14. A company is considered to be resident if
  15. The Income Tax Act 1961 came into force on
  16. According to Section 2(7) of Income Tax Act "Assessee" means
  17. For a senior citizen the amount of deduction U/s 80D available is
  18. Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000…
  19. Tax' is imposed on a person by
  20. If both parents are earning then income of a minor child will be clubbed with
  21. Which of the following income is / are exempt from tax?
  22. Contribution to superannuation fund is
  23. The term "Person" includes
  24. Income Tax Act 1922 is a "milestone" because
  25. Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
  26. The Income Tax Act, which is still in force in India, was enforced in
  27. Any receipt of casual and non-recurring nature is known as casual income
  28. The TDS Certificate issued by an employer to his employees in case of salary income is
  29. Mr. X has started has business from 1st Sept '05,and does not have any other source of income. His first…
  30. Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum…