Questions
The following taxes are levied, collected and retained by the centre.
(a) Customs duty
(b) Tax on railway fares and freights
(c) Corporation tax
(d) Tax on capital (other than agricultural land)
Which of the above is/are incorrect?
- Only (a)
- Only (b)
- Only (a) and (c)
- Only (d)
High rates of income tax encourage tax evasion and burgeoning black money. Which of the following is incorrect?
(a) Income tax is progressive in India.
(b) There has been spurt in tax rates.
(c) People resort to under declaration of income.
- Only (a)
- Only (b)
- Only (c)
- None of these
The following taxes are levied and collected by the Union but entire proceeds are assigned to the states:
(a) Taxes on railway fright and fares
(b) Excise duty
(c) Taxes on sale and purchase of newspapers and ads therein
(d) Taxes on transactions in stock exchange
Which of the above is/are incorrect?
- Only (a)
- Only (b)
- Both (b) and (c)
- Only (d)
Service tax, introduced in 1994, was initially imposed on three basic services.
(a) Banking drafts
(b) General Insurance
(c) Telephone
Which of the above is incorrect?
- Only (a)
- Only (b)
- Only (c)
- None of the above
Consider the following statements regarding stamp duty:
(a) It affords legality to the document, i.e. it is enforceable in a court of law.
(b) It is collected by the state government.
(c) It is uniform in all the states of the country.
With which of the above you do not agree?
- Only (a)
- Only (b)
- Only (c)
- None of the above
Implementing GST will be an impetus to growth. Which of the following statements does not support this view?
(a) It will lower the tax rate.
(b) It will broaden the tax base.
(c) It will reduce compliance cost.
(d) It will boost exports.
(e) It will cause unemployment.
- Both (a) and (b)
- (c), (d) and (e)
- Only (d)
- Only (e)
Levying of the following taxes fall within the state jurisdiction.
(a) Professional tax
(b) Stamp duty (Property transfer)
(c) Service tax
(d) Land revenue
Which of the above is/are incorrect?
- Both (a) and (b)
- Only (d)
- Only (c)
- Both (c) and (d)
Raja Chelliah Committee submitted its recommendations on
(a) land reforms
(b) tax reforms
(c) banking reforms
- Only (a)
- Only (b)
- Only (c)
- Both (a) and (b)
Consider the following statements:
(a) PAN (Permanent Account Number) is an eleven-character alphanumeric number.
(b) STT refers to Service Transaction Tax.
Which of the given statements is/are incorrect?
- Only (a)
- Only (b)
- Both (a) and (b)
- Neither (a) or (b)
To widen the tax net under capital gains, capital asset is being redefined so as to include:
(a) sculptures/figurines
(b) paintings
(c) archaeological collections
(d) literary books/scriptures
Which of the above do you not agree with?
- Only (a)
- Only (b)
- Only (c)
- Only (d)
Which of the following is the correct expansion of TAN?
- Transaction Accounting Number
- Tax Deduction and Collection Account Number
- Tax Account Number
- None of these
The following assets attract wealth tax. Examine the undernoted:
(a) Guest houses
(b) Commercial buildings
(c) Agriculture land
(d) Jewellery
(e) Aircrafts and yachts
Which of the above is/are incorrect?
- Only (a)
- Only (b)
- Only (c)
- Both (d) and (e)
Taxing power in India is a two-tier structure. Consider the following:
(a) Levies on pre-production stage with centre
(b) Levies on post-production stage with the states
(c) Levies on international imports with the centre
(d) Levies on exports with the states
Which of the above statements is/are incorrect?
- Both (a) and (c)
- Both (b) and (d)
- Only (c)
- Only (d)
Which of the following is/are not exempted from excise duties of the centre?
(a) Water treatment plants
(b) Medium industries
(c) SSI
(d) Cottage industries
- (a) and (d)
- Only (b)
- Only (c)
- (b) and (d)
Which of the following taxes is not levied by local bodies?
- Octroi
- Water and sewage
- Entertainment
- Property tax