Frequently Asked Income Tax Questions and Answers for Bank Exams

Hello Students,

In this blog I am sharing important and latest questions with answers related to income tax for those learners who are preparing for Bank Exam. You can practice income tax questions with answers to read this blog and easily get 2 or 3 marks in Bank Exams. These questions may be asked in Bank Exam.

Frequently Asked Income Tax Questions and Answers for Bank Exams

Q.1 The recommendation of the Sarkaria Commission relate to…..

(A)Distribution of Revenue

(B) Powers and functions of the President of India

(C) Membership of Parliament

(D) Centre-State relations

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Q.2 Which one of the following group of taxes collected by the Central Government and shared with the States?

(A) Income tax, Corporate Tax, Custom duty

(B) Income Tax, Corporate Tax, Excise Duty

(C) Excise Duty, Cess on Income, Corporate Tax

(D) Excise Duty, Cess on Income, Custom Duty

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Q.3 The latest committee to submit its report on tax reforms is known as…..

(A) Kelkar Committee

(B) Chelliah Committee

(C) Narasimhan Committee

(D) Vaghul Committee

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Q.4 The recommendation of the Kelkar Task Force relate to……

(A) Trade

(B) Banking

(C) Foreign Investment

(D) Taxes

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Q.5 Under which of the following taxes the total amount payable by an individual limited by the Constitution?

(A) Corporation Tax

(B) Estate Tax

(C) tax on profession, trade and calling

(D) Succession Duty

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Q.6 Which of the following statements are true for the Income Tax in India?

(A) It is a progressive tax.

(B) it is a direct tax.

(C) it is collected by the State Governments

(D) it is a proportional tax.

Codes

(A)Only 1

(B) only 1 and 2

(C) 1, 2 and 3

(D) 2, 3 and 4

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Q.7 Which one of the following is not a function of Finance Commission in India?

(A) Devolution of Income Tax

(B) Devolution of Excise Duty

(C) Award of grants-in-aid.

(D) Devolution of Trade Tax

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Q.8 Which one of the following sets of sources of revenue belongs to the Union Government alone?

(A) Gift tax, holding tax

(B) sales tax, income tax

(C) wealth tax, land revenue

(D) custom duties, corporation tax

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