Multiple choice

Under how many heads does the Income Tax Act of 1961 impose tax on income?

  1. Two

  2. Four

  3. Five

  4. Six

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The Income Tax Act of 1961 imposes tax on income under the following five heads:

Income from house and property

Income from business and profession
Income from salaries
Income in the form of capital gains
Income from other sources The Income Tax Act of 1961 has been in the news because it is going to be replaced by the Direct Tax Code.