What is the primary purpose of income tax in India?

"To fund social security and free medical facilities" "To support government initiatives such as healthcare, education, and infrastructure" "To discourage excessive income accumulation" "To regulate economic activity and control inflation"

Which entity is responsible for levying income tax in India?

"Reserve Bank of India" "Securities and Exchange Board of India" "Ministry of Finance" "Government of India"

What is the definition of 'person' under the Income-tax Act of India?

"Only individuals who are citizens of India" "Only corporate entities registered in India" "Both natural and artificial persons, including individuals and corporations" "Only individuals and Hindu Undivided Families (HUFs)"

What percentage of the Indian population files income tax returns?

"Approximately 1.5%" "Approximately 5%" "Approximately 45%" "Approximately 90%"

What does the term 'FY' represent in the context of income tax in India?

"Fiscal Year" "Financial Year" "Filing Year" "Fund Year"

When does the financial year in India commence and conclude?

"January 1st to December 31st" "April 1st to March 31st" "July 1st to June 30th" "October 1st to September 30th"

What is the significance of 'Form 16' in the Indian income tax system?

"It is a tax invoice for goods and services" "It is a proof of tax deduction at source by the employer" "It is a registration form for new businesses" "It is a declaration of foreign assets and income"

What is the income tax rate for individuals earning between Rs 2.5 lakhs and Rs 5 lakhs in the financial year 2020/21?

"0%" "5%" "10%" "20%"

What is the income tax rate for super senior citizens (age 80 years and above) earning between Rs 5 lakhs and Rs 10 lakhs in the financial year 2020/21?

"5%" "10%" "20%" "30%"

What is the surcharge applicable on income tax for individuals earning between Rs 1 crore and Rs 2 crores in the financial year 2020/21?

"10%" "15%" "25%" "37%"