Monday, May 25, 2015

Day 37 - Questions


Day 37 - Taxation in India

( Taxation - Direct Taxes and Indirect Taxes )


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1.  If the liability to pay a tax and the burden of the tax falls on the same person, then it is -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

2.  If the liability to pay a tax is imposed on one person and the burden of the tax falls on some other person, then it is -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

3.  Which of the following can make laws on Income Tax?
a.  Central government
b.  State government
c.  Both central and state government
d.  None of the above

4.  Individuals with total income up to what limit per year are not liable to pay Income Tax (as per 2015-16)?
a.  Rs. 2 lakh
b.  Rs. 2.5 lakh
c.  Rs. 3 lakh
d.  Rs. 3.5 lakh

5.  An individual, whose total income falls in the income tax slab of Rs. 5 - 10 lakh, have to pay income tax at what rate?
a.  10 % of total income
b.  20 % of total income
c.  30 % of total income
d.  None of the above

6.  In General Budget 2015-16, government has reduced the Corporate Tax from 30 % to -
a.  20 %
b.  25 %
c.  15 %
d.  10 %

7.  Which of the following tax is abolished in General Budget 2015-16?
a.  Gift Tax
b.  Wealth Tax
c.  Octroi
d.  Service Tax

8.  Which of the following is not a Direct Tax?
a.  Gift Tax
b.  Corporate Tax
c.  Income Tax
d.  Service Tax

9.  Sales Tax is levied on -
a.  income of an individual
b.  sales of movable goods
c.  service provided
d. All of the above

10.  What is the full form of VAT?
a.  Valued Attached Tax
b.  Valued Added Tax
c.  Verified Assessed Tax
d.  Verified Attached Tax

11.  VAT is a type of -
a.  Direct Tax
b.  Indirect Tax
c.  Both (a) and (b)
d.  None of the above

12.  Which of the following attracts service tax?
a.  Advertisement
b.  Restaurant
c.  Consultancy services
d.  All of the above

13.  In General Budget 2015-16, government has decided to increase Service tax to 14 % from previous -
a.  12 %
b.  12.36 %
c.  12.5 %
d.  13 %

14.  Excise Duty is levied on -
a.  goods imported to India
b.  goods exported from India
c.  goods produced or manufactured in India
d.  None of the above

15.  Customs Duty is levied on -
a.  goods imported to India
b.  goods exported to India
c.  goods produced or manufactured in India
d.  Both (a) and (b)

16.  Octroi is the entry tax, which is levied on -
a.  goods entering a particular jurisdiction, generally a municipality, for consumption, sale or use
b.  goods exporting to foreign countries
c.  goods importing from foreign countries
d.  none of the above

17.  Which of the following are examples of Indirect Taxes?
a.  Octroi
b.  Service Tax
c.  VAT
d.  All of the above

18.  An extra tax that may be added to the existing tax calculation is -
a.  Service Tax
b.  Surcharge
c.  Sales Tax
d.  None of the above

19.  Which of the following is the apex authority for Direct Taxes?
a.  CBDT
b.  CBEC
c.  RBI
d.  SEBI

20.  Which of the following is the apex authority for Indirect Taxes?
a.  CBDT
b.  CBEC
c.  RBI
d.  SEBI




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