Tag: social science

Questions Related to social science

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

___________ was introduced in 1957 and abolished in 2016.

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. Estate Duty

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Correct Option: D

____________ was introduced in 1958 and abolished in 1998.

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. Estate Duty

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Correct Option: C

In India, the majority of the contribution to Tax Revenue is by way of ____________.

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

  1. direct taxes

  2. indirect taxes

  3. no taxes

  4. nothing can be said

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Correct Option: B

Which of the following statements is incorrect?

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

  1. Income Tax was abolished in India in 1991

  2. Gift Tax was abolished in India in 1998, but income tax on gifts (received without adequate consideration) was partially reintroduced in April 2005.

  3. No state has adopted VAT system of indirect taxation

  4. Estate duty was abolished in 1995.

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Correct Option: B