Tag: government and taxes

Questions Related to government and taxes

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

Find the correct statement:

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

  1. share of indirect tax is more than direct tax in total tax revenue

  2. service tax is a direct tax

  3. income tax is indirect tax

  4. none of the above

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Correct Option: A

Indirect taxes minus Subsidies is called ______________.

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

  1. net subsidies

  2. net indirect taxes

  3. gross subsidies

  4. gross indirect taxes

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Correct Option: B

MODVAT is a tax on __________.

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

  1. sales

  2. production

  3. value added

  4. profit

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Correct Option: B

Tax rate for domestic companies in India is at __________.

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

  1. 35%

  2. 30%

  3. 25%

  4. 20%

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Correct Option: B