Millionaire Mode

Meaning and importance of taxes - class-X

Question 1 of 17

Which of the following statements is correct?

  1. Income tax was abolished in India in $1991$.
  2. Gift tax was abolished in India in $1998$, but income tax on gift (received) without adequate consideration was partially reintroduced in April $2004$.
  3. No states have adopted VAT system of indirect taxation.
  4. Estate duty was abolished in $1995$.

Prize Money

15₹7 Crores
14₹1 Crore
13₹50,00,000
12₹25,00,000
11₹12,50,000
10₹6,40,000
9₹3,20,000
8₹1,60,000
7₹80,000
6₹40,000
5₹20,000
4₹10,000
3₹5,000
2₹2,000
1₹1,000