What is the definition of taxation as per Article 366(28) of the Constitution of India?

Taxation includes the imposition of any tax or impost, whether general or local or special, and tax shall be construed accordingly.

True or False: Indirect taxes are levied directly on the income or wealth of a person.

False. Indirect taxes are levied on the price of a good or service.

Fill in the blank: The Constitution of India, in Article 265, states that ___ shall be levied or collected except by authority of law.

No tax

What are the three lists contained in the Seventh Schedule of Article 246 of the Indian Constitution?

Union List, State List, and Concurrent List.

Fill in the blank: The levy of income-tax in India is governed by the ___ Act, 1961.

Income-tax

True or False: The Income-tax Act, 1961 includes provisions for the adjustment of losses across different heads of income.

True.

What is the role of the Central Board of Direct Taxes (CBDT) concerning the Income-tax Act?

The CBDT is empowered to make rules for carrying out the purposes of the Income-tax Act, 1961 and administers direct taxes.

What is the basic exemption limit under section 115BAC of the Income-tax Act?

The basic exemption limit is ₹3,00,000 for individuals/HUFs opting for the default tax regime.

True or False: Agricultural income is fully taxable under the Income-tax Act.

False. Agricultural income is exempt from tax under the Income-tax Act, subject to certain conditions.

Fill in the blank: The concept of ___ refers to the procedure by which the income of an assessee is determined.

Assessment

Explain the significance of the term 'person' as defined in Section 2(31) of the Income-tax Act.

Definition of 'Person' in Tax Law

• Includes various entities.

• Affects tax assessment units.

• Broad legal interpretation.

What is the definition of income under Section 2(24) of the Income-tax Act, 1961?

Income is defined broadly.

• Includes profits and gains.

• Covers dividends and allowances.

• Also involves capital gains.