Economic and Social Development | Public Finance (Tax)
Economic and Social Development | Public Finance (Tax)
1. The largest sources of tax revenue to Central Government of India are
Union excise duties and corporate tax
Custom duty and corporate tax
Union excise duty and custom duty
Custom duty and income tax
Correct Answer
Wrong Answer
2. From which of the tax following direct taxes gives maximum net revenue to the Government?
Corporation Tax
Income Tax
Wealth Tax
Gift Tax
Correct Answer
Wrong Answer
3. Corporation Tax is on
production of a company
sale of goods
income of a company
stock of goods
Correct Answer
Wrong Answer
4. Which of the following is not a direct tax in India?
Income Tax
Wealth Tax
Estate duty
Sales Tax
Correct Answer
Wrong Answer
5. Which of the following are the indirect tax?
Sales tax and Income tax
Income tax and Wealth tax
Sales tax and Excise tax
Income tax and Excise tax
Correct Answer
Wrong Answer
6. When was the Wealth tax first introduced in India?
1991
1976
1957
1948
Correct Answer
Wrong Answer
7. Chelliah committee is related to
Reforms in direct and indirect tax systems
Reforms in Banking system
Import-Export policy
None of the above
Correct Answer
Wrong Answer
8. Service tax was introduced in India on the recommendation of
Kelkar Committee
Raja J. Chelliah Committee
Manmohan Singh Committee
Yashwant Sinha Committee
Correct Answer
Wrong Answer
9. 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 Union and the states
is levied by the Union and belongs to it exclusively
Correct Answer
Wrong Answer
10. Agricultural Income Tax is assigned to the State Government by
The Finance Commission
The National Development Council
The Inter-State Council
The Constitution of India
Correct Answer
Wrong Answer
11. Of the following taxes which one is not levied by State Governments?
Entertainment Tax
State Excise Duty
Agricultural Income Tax
Corporation Tax
Correct Answer
Wrong Answer
12. Which of the following taxes does not directly increase the price of a commodity to buyers?
Income Tax
Trade Tax
Import Duty
Excise Duty
Correct Answer
Wrong Answer
13. The recommendation of the Kelkar Task Force related to
Trade
Banking
Taxes
Foreign Investment
Correct Answer
Wrong Answer
14. Kelkar Committee, in its second report, has recommended to reduce corporate tax to
15%
20%
25%
30%
Correct Answer
Wrong Answer
15. The Kelkar proposals which were
recommendations for reforms in the power sector
recommendations for tax reforms
guidelines for the privatisation of public sector undertakings
guidelines for reducing vehicular pollution and the promotion of CNG use
Correct Answer
Wrong Answer
16. Which one of the following sets of sources of revenue belongs to the Union Government alone?
Gift tax, Holding tax
Sales tax, Income tax
Custom duties, Corporation tax
Wealth tax, Land revenue
Correct Answer
Wrong Answer
17. Which one of the following is not related with income from corporate sector in India?
Fringe Benefit tax
Minimum alternate tax
Capital Gain tax
Tax on company profit
Correct Answer
Wrong Answer
18. Value Added Tax was first introduced in India in
2007
2006
2005
2008
Correct Answer
Wrong Answer
19. The objective of SEZ is
Promotion of Goods and Services
Promotion of Regional Trade
Promotion of MSME's
Promotion of Government Schemes
Correct Answer
Wrong Answer
20. Which of the following taxes is levied and collected by the Union but distributed between Union and States?
Corporation Tax
Tax on income other than on agricultural income
Tax on railway fares and freight
Customs
Correct Answer
Wrong Answer
21. Which tax is levied and collected by the Union Government but distributed between the Union and the States?
Import duty
Central Excise duty
Export duty
None of the above
Correct Answer
Wrong Answer
22. The tax on Import and Export is known as
Income Tax
Trade Tax
Custom Duty
None of the above
Correct Answer
Wrong Answer
23. Who had suggested an imposition of 'expenditure tax' in India for the first time?
Kalecki
Kaldor
R.J. Chelliah
Gautam Mathur
Correct Answer
Wrong Answer
24. The main source of revenue for the National Highway Authority of India is
Cess
Foreign assistance
Market borrowings
Budgetary support of Union Government
Correct Answer
Wrong Answer
25. MODVAT is related to
Excise Duty
Value Added Tax (VAT)
Wealth Tax
Income Tax
Correct Answer
Wrong Answer
26. Which one of the following is not a tax/duty levied by the Government of India?
Service Tax
Education Cess
Custom Duty
Toll Tax
Correct Answer
Wrong Answer
27. A redistribution of income in a country can be best brought 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
Correct Answer
Wrong Answer
28. The Minimum Alternate Tax (MAT) was introduced in the Budget of the Government of India for the year
1991-92
1995-96
1993-94
1996-97
Correct Answer
Wrong Answer
29. Which of the following tax is levied by Union but collected and appropriated by States?
Stamp Duties
Passenger & Goods Tax
Taxes on Newspapers
None of the above/More than one of the above
Correct Answer
Wrong Answer
30. Service Tax in India was introduced in the year
1994-95
1996-97
1998-99
1991-92
