Podcast
Questions and Answers
What is a person liable for tax, interest, or penalty called?
What is a person liable for tax, interest, or penalty called?
- a defaulter (correct)
- a resident
- an assessee (correct)
- a citizen
Where are the rates of income tax established?
Where are the rates of income tax established?
- the Income tax Act
- the Finance Act, 1994
- the Finance Act passed by the parliament every year (correct)
- the Income tax Rules
For which period are the income tax rates set?
For which period are the income tax rates set?
- for each assessment year (correct)
- for each head of income
- for each calendar year
- for each previous year
In what year is the total income of a financial year taxed?
In what year is the total income of a financial year taxed?
What is defined as the financial year preceding the assessment year?
What is defined as the financial year preceding the assessment year?
How is a company joining with others in a joint venture treated for tax purposes?
How is a company joining with others in a joint venture treated for tax purposes?
What is the tax implication for a charitable trust?
What is the tax implication for a charitable trust?
Which of the following individuals will not be taxed as an individual?
Which of the following individuals will not be taxed as an individual?
How is the provision of a motor car to the wife of a managing director treated for tax purposes?
How is the provision of a motor car to the wife of a managing director treated for tax purposes?
What is the treatment of bad debt recovery for tax purposes?
What is the treatment of bad debt recovery for tax purposes?
How is a gift from a patient to a doctor classified under income tax laws?
How is a gift from a patient to a doctor classified under income tax laws?
What is the classification of a capital receipt?
What is the classification of a capital receipt?
To which region does the Income-tax Act apply?
To which region does the Income-tax Act apply?
How is a revenue receipt treated under income tax laws?
How is a revenue receipt treated under income tax laws?
Which of the following qualifies as a revenue receipt?
Which of the following qualifies as a revenue receipt?
A.O.P consists of which types of entities?
A.O.P consists of which types of entities?
How is 'Body of Individuals' defined?
How is 'Body of Individuals' defined?
What is considered the first previous year for a business starting on 1-12-2023?
What is considered the first previous year for a business starting on 1-12-2023?
Which classification does Shivaji University fall under regarding income assessment?
Which classification does Shivaji University fall under regarding income assessment?
In which year is income tax liability calculated?
In which year is income tax liability calculated?
Who is liable to pay income tax in India?
Who is liable to pay income tax in India?
Study Notes
Income Tax Laws: Key Concepts and Definitions
- Assessee: A person who is liable to pay tax, interest, penalty, or other dues under the Income Tax Act.
- Tax Rates: These are determined by the Finance Act passed annually by Parliament. These rates are applicable for each assessment year.
- Total Income: The income of a financial year is taxed in the succeeding financial year.
- Previous Year: The financial year of 12 months immediately preceding the assessment year.
- Assessment Year: The period of 12 months commencing on the 1st of April every year.
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Description
Test your understanding of key concepts and definitions pertaining to income tax laws. This quiz covers essential terminology such as assessee, tax rates, total income, previous year, and assessment year as outlined in the Income Tax Act. Prepare to evaluate your knowledge in this critical area of taxation.
