Income-tax in India is charged at the rates prescribed by —

CS Executive · Tax Laws and Practice · PYQS · December 2014
Income-tax in India is charged at the rates prescribed by —
(A) The Finance Act of the assessment year
(B) The Income-tax Act, 1961
(C) The Central Board of Direct Taxes
(D) The Finance Act of the previous year.

Answer & Explanation:

Correct Answer: Option (A)

Correct answer: (A) The Finance Act of the assessment year. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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