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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. A company is considered to be resident if
  2. House Rent Allowance is exempt from tax
  3. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in…
  4. Uncommuted pension received by a Government employee is fully exempt from tax.
  5. Income of minor child, if clubbed with income of parents, is exempt from tax up to
  6. The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get…
  7. YoungStars, a club, lets out its furnished rooms solely to its members on regular basis. The income…
  8. Contribution to superannuation fund is
  9. Assessment year 2006-07 commenced on
  10. The TDS Certificate issued by an employer to his employees in case of salary income is
  11. The first income tax act was introduced in the year
  12. For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
  13. Which one of the following taxes is not levied by the State Government?
  14. If an assessee makes an absolute transfer of an asset without any consideration then any income from…
  15. Every employer should pay fringe benefit tax within
  16. The amount of interest on borrowed capital allowable as deduction in case of a let out property is
  17. The rates of Income Tax are specified in
  18. Which of the following statements is incorrect?
  19. According to Section 2(7) of Income Tax Act "Assessee" means
  20. The income of previous year of an assessee is taxed during the following assessment year
  21. The Income Tax Act, which is still in force in India, was enforced in
  22. The CBDT consists of
  23. The rates of income tax are specified in
  24. Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
  25. TDS, in case of salary should be deposited within
  26. Tax' is imposed on a person by
  27. The apex body of Income Tax Department. is
  28. Any receipt of casual and non-recurring nature is known as casual income
  29. Income Tax Act 1922 is a "milestone" because
  30. The Income Tax Act 1961 came into force on