Q. Which of the following is a Direct Tax?
Solution:
- An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them.
- 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.
- Income Tax Act, 1961 is an act to levy, administrate, collect & recover Income-tax in India.
- It came into force from 1st April 1962
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