TaxationSivakumarPYQs - Prelims0 Welcome to Quiz on Taxation The term 'Base Erosion and Profit Shifting' is sometimes seen in the news in the context of Mining operation by multinational companies in resource-rich but backward areas Curbing of the tax evasion by multinational companies Exploitation of genetic resources of a country by multinational companies Lack of consideration of environmental costs in the planning and implementation of developmental projects Agricultural income tax is assigned to the State Government by: Finance Commission National Development Council Inter-State Council The Constitution of India Corporation tax: Is levied and appropriated by the States Is levied by the Union and collected and appropriated by the States Is levied by the Union and shared by the Union and the States Is levied by the Union and belongs to it exclusively A redistribution of income in a country can be best brought about through: Progressive taxation combined with progressive expenditure Progressive taxation combined with regressive expenditure Regressive taxation combined with regressive, expenditure Regressive taxation combined with progressive expenditure The Minimum Alternative Tax (MAT) was introduced in the Budget of the Government of India for the year: 1991-92 1992-93 1995-96 1996-97 Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct? The Union levies, collects and distributes the proceeds of income tax between itself and the states The Union levies, collects and keeps all the proceeds of income tax to itself The Union levies and collects the tax but all the proceeds are distributed among the states Only the surcharge levied on income tax is shared between the Union and the states Consider the following taxes: 1. Corporation tax 2. Customs duty 3. Wealth tax 4. Excise duty Which of these is/are indirect taxes? 1 only 2 and 4 1 and 3 2 and 3 Consider the following: 1. Fringe Benefit Tax 2. Interest Tax 3. Securities Transaction Tax Which of the above is/are Direct Tax/Taxes? 1 only 1 and 3 only 2 and 3 only 1,2 and 3 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? Only 1 Only 2 Both 1 and 2 Neither 1 nor 2 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? Abolition of Wealth Tax Increase in the exemption limit of personal income to Rs. 1.20 lakh for widows Elimination of standard deduction Exemption from tax on dividends and capital gains from the listed equity 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)? 1 only 2 and 3 only 1,2 and 4 only 1,2,3 and 4 Which one of the following is the correct statement? Service tax is a/an: Direct tax levied by the Central Government Indirect tax levied by the Central Government. Direct tax levied by the State Government. Indirect tax levied by the State Government. 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? 1 only 2 only Both 1 and 2 Neither 1 nor 2 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: 1 and 2 1 and 3 2 and 4 1,2,3 and 4 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: 1 only 2 and 3 only 1 and 3 only 1,2 and 3 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? India has preference for certain countries as regards receiving FDI India has double taxation avoidance agreement with Mauritius Most citizens of Mauritius have ethnic identity with India and so they feel secure to invest in India Impending dangers of global climatic change prompt Mauritius to make huge investments in India 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? Service tax Personal income tax Excise duty Corporation tax 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? District Planning Committees State Finance Commission Finance ministry of that State Panchayati Raj Ministry of that 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: 1 only 2 and 3 only 2 only 1,2 and 3 The sales tax you pay while purchasing a toothpaste is a Tax imposed by the Central Government Tax imposed by the Central Government but collected by the State Government Tax imposed by the State Government but collected by the Central Government Tax imposed and collected by the State Government Time's up 0
