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Doctors Medicines MCQs Q&A

  1. A, C, D and E only
  2. A, B, C and D only
  3. B, C, D and E only
  4. A, B and E only
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1 Answers

Option 2 : A, B, C and D only

The correct answer is A, B, C and D only

 The Income Tax Act, 1961:

  • The Income-tax Act, 1961 is the charging statute of Income Tax in India.
  • It provides for levy, administration, collection and recovery of Income Tax.
  • The Income Tax Act provides separate provisions for the taxation of income that has been received in advance as well as income for which the money has not yet been received.
  • Thus, this is required to be studied for a deep understanding of Income Tax procedures

The Income Tax Rules, 1962:

  • This contains all rules and regulations related to imposition of income tax.
  • Hence, this is needed for understanding of Income tax procedures.

Notifications, circulars and classification issued from time to time by the CBDT:

  • From time to time CBTD released circulars and notifications regarding amendments, changes or for any information to be passed in relation to income tax.
  • Hence, this is needed for understanding of Income tax procedures.

Judicial decisions:

  • From time to time there are many judicial decisions passed regarding any issue regarding income tax.
  • For example: "Applicability of interest under sections 234A, 234B and 234C to Settlement Commission proceedings and Rectification under section 154"
    This has been the outcome of judgement of the supreme court in Brij Lal v. Commissioner of Income Tax case.
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Related Questions

In the following question, the 1st and the last part of the sentence/ passage are numbered 1 and 6. The rest of the sentence/passage is split into four parts and named P, Q, R and S. These four parts are not given in their proper order. Read the sentence/passage and find out which of the four combinations is correct. 1. The Goods and Services Tax (GST) is imposed on the supply of products and/or services within the country. P. This can be achieved by charging uniform tax rates and eliminating economic barriers. Q. The objective of GST is to drive India towards becoming an integrated economy. R. These include Service Tax, Purchase Tax, Central Excise Duty, Value Added Tax, Entry Tax, Luxury Tax, Local Body Taxes, etc. S. It subsumes multiple indirect taxes that are imposed by the State Governments or the Central Government 6. Thus, it will make the country a common national market?
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