Multiple choice

With reference to the taxes in India during the year 2000-2001, which one of the following statement is correct?

  1. Domestic companies had to pay tax surcharge at the rate of 15 per cent

  2. Tax rebate of Rs. 10,000 had been introduced for the women taxpayers below 65 year of age.

  3. Tax rebate for senior citizens had been increased from Rs. 10,000 to Rs. 30,000

  4. Non-agricultural income of farmhouses was made taxable.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

In the Union Budget of 2000-2001, the government introduced measures to broaden the tax base, which included making the non-agricultural income of farmhouses taxable. This was intended to prevent the misuse of the agricultural tax exemption for commercial activities conducted on farmhouse properties. Other options regarding specific rebate amounts do not align with the historical tax slabs of that specific year.

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