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Question

Income Tax is to be paid on which among the following, to the Income Tax Department?

A Profit before tax Correct Answer Incorrect Answer
B Taxable Profits Correct Answer Incorrect Answer
C Revenues from Operations Correct Answer Incorrect Answer
D Gross Profit Correct Answer Incorrect Answer
E Operating Profit Correct Answer Incorrect Answer

Solution

Income Tax Authorities collect taxes on the proportion of the taxable profits computed in accordance with the taxation rules framed (Income Tax Act 1961 and amendments).

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