Tag: government budget and taxation

Questions Related to government budget and taxation

Which of the following is an indirect tax?

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

  1. Value added tax

  2. Wealth tax

  3. Income tax

  4. Gift tax

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Correct Option: A

Which of the following is a direct tax?

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

  1. Income tax

  2. Service tax

  3. Custom duty

  4. Excise duty

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Correct Option: A

Which of the following is not indirect tax?

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

  1. Sales tax

  2. Excise tax

  3. Custom tax

  4. Gift tax

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Correct Option: D

Which of the following are indirect taxes?
(i)Custom duties
(ii)Excise duties
(iii)Sales-tax
(iv)Estate duties

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

  1. (i), (ii), (iii) & (iv)

  2. (ii), (iii) & (iv)

  3. (i), (ii) & (iii)

  4. (i), (ii) & (iv).

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Correct Option: C

Which of the following is not a part of direct tax?

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

  1. Wealth tax

  2. Excise duty

  3. Profit tax

  4. Income tax

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Correct Option: B

What does the term 'incidence of taxation' suggest about?

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

  1. The rate of taxation is high.

  2. The one who bears the ultimate money burden of the tax.

  3. The one who is immediately responsible to pay the tax.

  4. The effect produced by the tax.

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Correct Option: B

Which of the following comes under direct tax?

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

  1. Custom duty

  2. Income tax

  3. Import duty

  4. None of these

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Correct Option: B
Explanation:

Direct tax is levied (charge) on the income earned by individuals (income tax) and the profits of businesses (Corporate tax). 

Which of the following is not a non-tariff barrier?

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

  1. Voluntary export restraint

  2. Health and product standards

  3. Environmental protection laws

  4. Ad-valorem duties

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Correct Option: D
Explanation:

Tariff barriers refers to various tariffs or duties imposed on foreign trade transactions to impose trade restrictions. Among the given options ad-valorem duty is tariff barrier, while the others are non-tariff barriers to trade.
Ad-valorem duty is imposed on import goods as percentage of the total value of goods imported.

Dematerialization of TDS certificates had been effective from _________.

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

  1. 1.4.2005

  2. 1.4.2008

  3. 1.4.2007

  4. 1.4.2006

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Correct Option: B