Taxation

Welcome to Quiz on Taxation

The term 'Base Erosion and Profit Shifting' is sometimes seen in the news in the context of

Agricultural income tax is assigned to the State Government by:

Corporation tax:

A redistribution of income in a country can be best brought about through:

The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year:

Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct?

Consider the following taxes: 1. Corporation tax 2. Customs duty 3. Wealth tax 4. Excise duty Which of these is/are indirect taxes?

Consider the following: 1. Fringe Benefit Tax 2. Interest Tax 3. Securities Transaction Tax Which of the above is/are Direct Tax/Taxes?

Consider the following statements: In India, stamp duties on financial transactions are: 1. levied and collected by the State Government 2. appropriated by the Union Government Which of these statements is/are correct?

Which of the following is not a recommendation of the task force on direct taxes under the chairmanship of Dr. Vijay L Kelkar in the year 2002?

Consider the following items: 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspaper containing advertising material Which of the above items is/are exempted under 'GST (Goods and Services Tax)?

Which one of the following is the correct statement? Service tax is a/an:

Consider the following statements: In India, taxes on transactions in Stock Exchanges and Futures Markets are 1. Levied by the Union 2. Collected by the States Which of the statements given above is/are correct?

Which of the following are among the non-plan expenditures of the Government of India? 1. Defence expenditure 2. Subsidies 3. All expenditures linked with the previous plan periods 4. Interest payment Codes:

What is/are the most likely advantages of implementing 'Goods and Services Tax (GST)"? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the 'Current Account Deficit' of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below:

A great deal of Foreign Direct Investment (FDI) to India comes from Mauritius than from many major and mature economies like UK and France. Why?

In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years?

Which one of the following authorities makes recommendation to the Governor of a State as to the principles for determining the taxes and duties which may be appropriated by the Panchayats in that particular State?

Under which of the following circumstances may "capital gains' arise? 1. When there is an increase in the sales of a product 2. When there is a natural increase in the value of the property owned 3. When you purchase a painting and there is a growth in its value due to increase in its popularity. Select the correct answer using the codes given below:

The sales tax you pay while purchasing a toothpaste is a

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