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Meaning and importance of taxes - class-X

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Multiple Choice

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 $1995$.
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