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    Law of Taxation

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    Diksha Mundhra
    The document discusses laws related to taxation in India. It provides information about when key acts and organizations related to taxation came into effect. It also addresses which government bodies have the power to levy certain taxes and issues related to tax assessment periods.

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    © All Rights Reserved
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    Law of Taxation

    Uploaded by

    Diksha Mundhra
    15 views2 pages
    The document discusses laws related to taxation in India. It provides information about when key acts and organizations related to taxation came into effect. It also addresses which government bodies have the power to levy certain taxes and issues related to tax assessment periods.

    Original Title

    Taxation

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    The document discusses laws related to taxation in India. It provides information about when key acts and organizations related to taxation came into effect. It also addresses which government bodies have the power to levy certain taxes and issues related to tax assessment periods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    15 views2 pages

    Law of Taxation

    Uploaded by

    Diksha Mundhra
    The document discusses laws related to taxation in India. It provides information about when key acts and organizations related to taxation came into effect. It also addresses which government bodies have the power to levy certain taxes and issues related to tax assessment periods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 2

    LAW OF TAXATION

    1. The Income Tax Act, 1961 came into force w. e. f. _________


    a) 1st April, 1962
    b) 31st March, 1961
    c) 1st April, 1961
    d) 31st March, 1962

    2. Amongst the following _________________ is empowered to levy tax on agricultural income


    a) Central Government
    b) State Government
    c) Commissioner
    d) President

    3. Circulars and Notifications are binding on the:


    a) Central Board of Direct Taxes (CBDT)
    b) Assesse
    c) Income Tax Appellate Tribunal (ITAT)
    d) Income Tax Authorities

    4. SEBI was established in:


    a) 1992
    b) 1993
    c) 1994
    d) 1995

    5. Finance Commission is constituted once in


    a) Every month
    b) A year
    c) Three years
    d) Five years

    6. Wherever in the Act the phrase ‘as prescribed’ appears it means that –
    a) Regulations are to be framed in this respect
    b) Rules have been framed in this respect
    c) Regulations were earlier framed in this respect
    d) Regulations are framed in this respect

    7. Who amongst the following confers on the power to issue circulars and clarifications?
    a) ITAT
    b) Central Government
    c) CBDT
    d) State Government

    8. Amendments by the Finance Act are made applicable from:


    a) First day of next financial year
    b) First day of same financial year
    c) Last day of same Accounting year
    d) First day of same Accounting year.

    9. Income Tax is charged in –


    a) Financial Year
    b) Assessment Year
    c) Previous Year
    d) Accounting Year

    10. A person includes:


    a) Only Citizen
    b) Only Artificial Person
    c) Individuals, HUF
    d) Individuals, HUF, Company, Firm, AOP or BOI, Local Authority, Every Artificial Juridical

    Answers: 1- A, 2-B, 3- D, 4-A, 5- D, 6-D, 7-C, 8-A, 9-B, 10- D.

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