Which of the following statements are incorrect 1 Income tax is...

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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 1st 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


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