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Introduction- Income Tax Law - B Com MCQ


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10 Questions MCQ Test - Introduction- Income Tax Law

Introduction- Income Tax Law for B Com 2024 is part of B Com preparation. The Introduction- Income Tax Law questions and answers have been prepared according to the B Com exam syllabus.The Introduction- Income Tax Law MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Introduction- Income Tax Law below.
Solutions of Introduction- Income Tax Law questions in English are available as part of our course for B Com & Introduction- Income Tax Law solutions in Hindi for B Com course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Introduction- Income Tax Law | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study for B Com Exam | Download free PDF with solutions
Introduction- Income Tax Law - Question 1
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What is the primary reason for imposing taxes on citizens?

Detailed Solution for Introduction- Income Tax Law - Question 1
Taxes are imposed to fund various government initiatives and public services, such as healthcare, education, infrastructure, and more. The revenue generated from taxes is used to provide essential facilities for the citizens.
Introduction- Income Tax Law - Question 2
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Which of the following is NOT a category of person chargeable to tax under the Indian Income Tax Act?

Detailed Solution for Introduction- Income Tax Law - Question 2
The Indian Income Tax Act does not consider foreign corporations as a category of person chargeable to tax. The Act primarily focuses on individual taxpayers, companies, firms, associations, etc.
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Introduction- Income Tax Law - Question 3
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What is the primary purpose of a Permanent Account Number (PAN) issued by the Income Tax Department?

Detailed Solution for Introduction- Income Tax Law - Question 3
A PAN is a unique alphanumeric number used to identify taxpayers and track their financial transactions. It helps the Income Tax Department link various financial activities of taxpayers and maintain records.
Introduction- Income Tax Law - Question 4
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What is the significance of Marginal Tax Rate?
Detailed Solution for Introduction- Income Tax Law - Question 4
Marginal Tax Rate is the rate at which the next rupee of income is taxed. It helps individuals understand how their tax liability increases as their income rises.
Introduction- Income Tax Law - Question 5
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Which entity issues the Permanent Account Number (PAN) to individuals and entities?
Detailed Solution for Introduction- Income Tax Law - Question 5
The Permanent Account Number (PAN) is issued by the Income Tax Department of India. It serves as a unique identification number for taxpayers.
Introduction- Income Tax Law - Question 6
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What is the purpose of Gross Total Income (GTI) in income taxation?
Detailed Solution for Introduction- Income Tax Law - Question 6
Gross Total Income (GTI) is the sum of income computed under different heads before any deductions or exemptions. It serves as the starting point for computing taxable income.
Introduction- Income Tax Law - Question 7
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Which of the following is NOT a head under which income is computed for tax purposes?
Detailed Solution for Introduction- Income Tax Law - Question 7
Income from gifts received is not a separate head under which income is computed for tax purposes. Instead, gifts are subject to specific tax rules under different heads.
Introduction- Income Tax Law - Question 8
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What does the term "Assessee-in-default" refer to in the context of income taxation?
Detailed Solution for Introduction- Income Tax Law - Question 8
An "Assessee-in-default" is a person who fails to fulfill their statutory tax obligations, such as failing to deduct or deposit tax at source.
Introduction- Income Tax Law - Question 9
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What is the main purpose of the Maximum Marginal Rate in taxation?
Detailed Solution for Introduction- Income Tax Law - Question 9
The Maximum Marginal Rate ensures that high-income earners pay taxes at the highest rate applicable to their income level. This progressive taxation approach aims to distribute the tax burden more equitably.
Introduction- Income Tax Law - Question 10
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What is the primary purpose of assessing Association of Persons (AOP) or Body of Individuals (BOI) at the maximum marginal rate?
Detailed Solution for Introduction- Income Tax Law - Question 10
Assessing AOP and BOI at the maximum marginal rate helps prevent tax evasion by these entities. It ensures that their income is accurately reported and taxed at the appropriate rate.
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