taxes types, methods & budgeting process section 2 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 6 EXERCISES
-
Top 500+ Indian Taxation System GK MCQ Quiz For SSC »
-
Top 500+ Taxes Types & Budgeting Process GK MCQ Quiz PDF »
-
499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
-
New 499+ Indian Taxation Laws Budget Current GK MCQ Quiz »
-
New 500+ Indian Income Tax Slab Laws Acts GK MCQ Quiz PDF »
-
1000+ Indian Tax System Types Concepts MCQ Quiz For IBPS »
The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
(a) 1995-96
(b) 1991-92
(c) 1992-93
(d) 1996-97
The correct answers to the above question in:
Answer: (d)
The Minimum Alternative Tax (MAT) was introduced for the first time in the Budget for the year 1996-97.
Minimum alternate tax or MAT is a tax levied on firms/ companies or limited liability partnerships (LLPs) making abundant profits as well as distributing dividends to its shareholders who leveraging on the features of the Indian Taxation system do not contribute towards the government’s taxation kitty.
Thus, for such corporates, a minimal tax amounting to some fixed percentage of book profits i.e. profits according to accounting records is charged as minimal alternative tax (MAT).
Practice Taxes Types, Methods & Budgeting Process (taxes types, methods & budgeting process section 2) Online Quiz
Discuss Form
Read more taxes types methods budgeting process Based Indian Economy Questions and Answers
Question : 1
Consider the following statements regarding Goods and Services Tax (GST):
- GST is a value-added tax
- GST is a multipoint destination-based tax
a) (ii) only
b) Both (i) & (ii)
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (b)
Question : 2
Consider the following statements regarding the Fifteenth Finance Commission (FFC) recommendations:
- For horizontal devolution, the population of the 2011 Census will be considered
- There are six parameters for horizontal devolution out of which ‘Tax Effort’ is one
a) (ii) only
b) Both (i) & (ii)
c) (i) only
d) Neither (i) nor (ii)
Answer »Answer: (b)
The parameters for the distribution of taxes among the states (horizontal distribution) for FFC are
- Income Distance (45%),
- Population (2011 Census) (15%),
- Demographic Performance (12.5%),
- State Area (15%),
- Forest Cover (10%),
- Tax effort (2.5%).
Question : 3
Consider the following statements about the Agriculture Income Tax
- Agriculture Income Tax is levied and collected by the Union Government.
- Agriculture Income Tax is levied throughout the country in India.
a) Both 1 and 2
b) 1 only
c) 2 only
d) Neither 1 nor 2
Answer »Answer: (d)
Agricultural income tax is levied on the income from Agriculture.
At present agriculture is subjected to – two direct taxes and they are Agricultural Income Tax and Land Tax.
They are levied by the state governments. Not all states levy agricultural income tax.
Question : 4
Fiscal Deficit of the Government of India is equal to which of the following:
a) Non-Debt capital receipts
b) Debt and non-debt capital receipts
c) Debt creating capital receipts
d) Capital receipts less of revenue receipts
Answer »Answer: (c)
Fiscal Deficit is equal to total borrowing and the borrowing is part of capital receipts which create debt. So fiscal deficit is equal to debt creating capital receipts.
Question : 5
Which of the following are included in the category of direct tax in India?
- Corporation tax
- Tax on income
- Wealth tax
- Customs duty
- Excise duty
a) 2 and 3
b) 1, 2 and 3
c) 1, 2, 4 and 5
d) 1, 3, 4 and 5
Answer »Answer: (b)
Corporation Tax, Wealth Tax and Income Tax are in the category of direct tax.
Question : 6
MODVAT is related to
a) Value Added Tax (VAT)
b) Wealth Tax
c) Excise Duty
d) Income Tax
Answer »Answer: (a)
GET Taxes Types, Methods & Budgeting Process PRACTICE TEST EXERCISES
taxes types, methods & budgeting process section 1
taxes types, methods & budgeting process section 2
taxes types, methods & budgeting process section 3
taxes types, methods & budgeting process section 4
taxes types, methods & budgeting process section 5
taxes types, methods & budgeting process section 6
Taxes Types, Methods & Budgeting Process Shortcuts and Techniques with Examples
Verbal Reasoning
Question & Answer Quiz
Non Verbal Reasoning
Question & Answer Quiz
Quantitative Aptitude
Question & Answer Quiz
Computer MCQ
Question & Answer Quiz
General English
Question & Answer Quiz
History GK
Question & Answer Quiz
Polity GK
Question & Answer Quiz
Geography GK
Question & Answer Quiz
Economy GK
Question & Answer Quiz
General Awareness GK
Question & Answer Quiz
Recently Added Subject & Categories For All Competitive Exams
100+ Quadratic Equation Questions Answers PDF for Bank
Quadratic Equation multiple choice questions with detailed answers for IBPS RRB SO. more than 250 Attitude practice test exercises for all competitive exams
Continue Reading »
IBPS Aptitude Linear Equations MCQ Questions Answers PDF
Linear equations multiple choice questions with detailed answers for IBPS RRB SO. more than 250 Attitude practice test exercises for all competitive exams
Continue Reading »
New 100+ Compound Interest MCQ with Answers PDF for IBPS
Compound Interest verbal ability questions and answers solutions with PDF for IBPS RRB PO. Aptitude Objective MCQ Practice Exercises all competitive exams
Continue Reading »
100+ Mixture and Alligation MCQ Questions PDF for IBPS
Most importantly Mixture and Alligation multiple choice questions and answers with PDF for IBPS RRB PO. Aptitude MCQ Practice Exercises all Bank Exams
Continue Reading »