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Directions : The following question consists of two statements, one labelled as Assertion (A) and the…

Under the Income-tax Act, 2025, income-tax is charged for a tax year on the total income of that tax year, so (A) is true. The 2025 Act has replaced the separate 'previous…

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Directions : The following question consists of two statements, one labelled as Assertion (A) and the other labelled as Reason (R). You are to examine these two statements carefully and decide if the Assertion (A) and the Reason (R) are individually true and if so, whether the Reason (R) is a correct explanation of the Assertion (A).
Assertion (A) : Income-tax is levied on the total income of a person for the tax year.
Reason (R) : Income earned during the tax year is assessed to tax in the immediately succeeding assessment year under the Income-tax Act, 2025.

Select one answer
Answer and explanation

Correct answer D

Under the Income-tax Act, 2025, income-tax is charged for a tax year on the total income of that tax year, so (A) is true. The 2025 Act has replaced the separate 'previous year' and 'assessment year' of the Income-tax Act, 1961 with a single 'tax year' (section 3), so income is no longer assessed in a succeeding 'assessment year' and (R) is false: "(A) is true, but (R) is false."

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