Tag: government budget and taxation

Questions Related to government budget and taxation

Which of the following taxes have been abolished?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Income Tax

  2. Wealth Tax

  3. Gift Tax

  4. Indirect Tax

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Correct Option: C

Which of the following taxes are imposed by the State Govt?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Entertainment tax

  2. Corporate tax

  3. Income tax

  4. Custom duties

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Correct Option: A

Which of the following is not an Indirect Tax? 

social science government and taxes types of tax types of taxes government budget and taxation

  1. Sales Tax

  2. Excise Duty

  3. Custom Duty

  4. Gift Tax

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Correct Option: D

Which of these is subject to flat rate of tax?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Personal Income Tax

  2. Corporate Income Tax

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: B

Which of these is subject to different slab rates of tax?

social science government and taxes types of tax types of taxes government budget and taxation

  1. Personal Income Tax

  2. Corporate Income Tax

  3. Both (a) and (b)

  4. Neither (a) nor (b)

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Correct Option: A

_______________ is levied on the income of Registered Companies. 

social science government and taxes types of tax types of taxes government budget and taxation

  1. Personal Income Tax

  2. Wealth Tax

  3. Corporate Tax

  4. None of these

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Correct Option: C

Personal Income Tax is Levied to _____________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. income as Individuals

  2. income as HUF

  3. unregistered Firms

  4. all of the above

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Correct Option: D

Corporate Income Tax relates to ____________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. individuals

  2. Hindu Undivided Families

  3. partnership firms

  4. companies and corporations

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Correct Option: D

Corporate Tax is on the basis of __________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. Total Turnover of the company

  2. Profit after Distribution of Dividend

  3. Profit before Distribution of Dividend

  4. None of the above

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Correct Option: C

Wealth Tax is a tax on ___________.

social science government and taxes types of tax types of taxes government budget and taxation

  1. income of an individual or an entity.

  2. wealth or assets owned by an individual or an entity

  3. specified gifts and donations

  4. total property passing to the heirs on the death of a person

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Correct Option: B