As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year. | Faculties

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Mr. Dubey

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📊 Income Tax Law and Practices

Q. As per Income Tax Act, 1961, income tax is charged on the income of at a rate which are prescribed by the Finance Act of relevant assessment year.

(A) Current year
(B) One year before previous year
(C) Previous year
(D) None of the above

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✅ Correct Answer: (C) Previous year

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