Income Tax Act was enacted in
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- 1951
- 1961
- 1971
- None of the above
The Correct Option is B
Solution and Explanation
Step 1: Understanding the Enactment of the Income Tax Act.
The Income Tax Act, 1961, is the governing legislation for income tax in India. It was enacted by the Parliament of India to consolidate and amend the law relating to income tax.
Step 2: Explanation of Other Options.
- (a) The Income Tax Act was not enacted in 1951.
- (c) 1971 is incorrect as the Act was already in force by then.
- (d) None of the above is not correct because the correct year is 1961.
Step 3: Conclusion.
The correct answer is (b), the Income Tax Act was enacted in 1961.
Top Questions on Income Tax Law and Accounts
- Read the given statements and choose the correct option.
Statement 1: Under the Income-tax Act, 1961, a deduction equal to 30% of the annual value is allowed while computing income from house property.
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- Under Section 24(a) of the Income-tax Act, 1961, what percentage of the annual value of an income from house property is allowed as a standard deduction?
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Match List-I with List-II:
\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Sale of jewelry} & \text{(I) Income from Salary} \\ \hline \text{(B) Pension from former employer} & \text{(II) Capital gain/loss} \\ \hline \text{(C) Salary received from a partnership firm} & \text{(III) Income from other sources} \\ \hline \text{(D) Income from sub-letting of property} & \text{(IV) Profits and gains from business or profession} \\ \hline \end{array}\]
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- \(\textbf{Match List-I with List-II:}\)
\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Deposit in Sukanya Samriddhi Account} & \text{(I) 80E} \\ \hline \text{(B) Interest on loan for higher education} & \text{(II) 80D} \\ \hline \text{(C) Preventive health checkup} & \text{(III) 80GG} \\ \hline \text{(D) Rent paid for accommodation} & \text{(IV) 80C} \\ \hline \end{array}\]
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