Tag: meaning of tax

Quizzes (0) Questions (66)

Questions Related to meaning of tax

Multiple choice civics public expenditure and public revenue black money and tax evasion meaning of tax direct taxes

Which one of the following has NOT been a part of the land reforms programme in India?

  1. Ceiling on holding

  2. Consolidation of holdings

  3. Agricultural holding tax

  4. Zamindari abolition
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Agricultural Holding Tax was a recommendation of the Raj Committee. The central government appointed the committee on taxation on agricultural wealth and income under the chairmanship of Dr. K.N. Raj in February 1972 to examine the question of taxation of agricultural wealth and income from all aspects. The Raj committee submitted its report in October 1972.

Multiple choice civics public expenditure and public revenue black money and tax evasion meaning of tax direct taxes

In NNP figure is available at market prices we will__indirect taxes and
_subsidies to the figure to get National Income of the economy:

  1. Add, substract

  2. Add, divide

  3. Substract, add

  4. Substract, divide
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
National Income at Factor Cost (NIFC):
• It is the sum of all factors of income earned by the residents of a country (Indian) both from within the country as well as abroad.
• National Income at Factor Cost = NNP at Market Price – Indirect Taxes + Subsidies
 In India, and many developing countries across the world, National Income is measured at factor cost instead of market prices. Some of the reasons for the same are lack of uniformity in taxes, goods not being printed with their prices, etc.
Multiple choice civics public expenditure and public revenue black money and tax evasion meaning of tax direct taxes

Excise duty is a:

  1. Direct tax

  2. Indirect tax

  3. Cooperation tax

  4. Value added tax
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An indirect tax is a tax which is imposed on one person and is paid partly or wholly by another party. This means that the effect or incidence of an indirect tax is not upon the party who pays the tax but on someone else. examples of indirect taxes are value added tax, excise duty, service tax. An excise duty is a type of indirect tax that is levied on the sales of particular goods. This tax is not paid directly by the customer but is passed on to the consumer by a merchant or producer of goods as a part of the price of the product.