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Which of the following statements are incorrect?
1. Income tax is grouped in various slabs.
2. Income tax is not charged to progressive rate on increasing slabs of income.
3. A deemed assessee is liable to pay tax on behalf of another person.
4. Assessment year begins as on 1^st January of every year.
5. Certain amount of income tax is exempt from income tax.
Select the correct answer using the options given below

A. Both 1 and 3

B. Both 2 and 4

C. Both 1, 3 and 5

D. All of the above

Answer: Option B

This Question Belongs to Commerce >> Income Tax And Corporate Tax

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