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Income Tax MCQ Practice Test Income Tax – 50 MCQs Practice Test Select the correct option for each question and click 'Submit Test' at the bottom. 1. Income Tax in India is levied under which Act? A. Finance Act, 1956 B. Income Tax Act, 1961 C. Taxation Act, 1947 D. Revenue Act, 1950 2. Income tax is a A. Indirect tax B. Progressive tax C. Proportional tax D. Regressive tax 3. Previous year means A. Year in which tax is paid B. Year following assessment year C. Financial year in which income is earned D. Calendar year 4. Assessment year is A. Year in which income is earned B. Year in which income is assessed C. Calendar year D. Accounting year 5. Income tax is charged on A. Gross income B. Net income C. Capital D. Turnover 6. Salary income is taxable on A. Receipt basis B. Accrual basis C. Either receipt or accrual whichever earlier D. Cash basis only 7. Which is NOT a head of income? A. Salary B. Ho...