What type of tax is income tax classified as in India?

Indirect Tax Direct Tax Wealth Tax Property Tax

What is the primary purpose of the Indian government levying income tax?

To fund personal investments for government officials To generate revenue for public services and infrastructure To discourage citizens from earning high incomes To support private businesses and corporations

Which of the following entities is NOT liable to pay income tax in India?

Hindu Undivided Family (HUF) Association of Persons (AOP) Non-profit charitable organizations Corporate firms

Which of these is a key term related to income tax in India?

Goods and Services Tax (GST) Value Added Tax (VAT) Financial Year (FY) Securities and Exchange Board of India (SEBI)

What does PAN stand for in the context of Indian income tax?

Permanent Account Number Provisional Assessment Notice Payment Authorization Number Public Announcement Notification