taxes types, methods & budgeting process section 5 MCQ Questions & Answers Detailed Explanation

Question : 1

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

a) 1995-96

b) 1993-94

c) 1991-92

d) 1996-97

Question : 2

Corporation tax in India is levied on income of a company. Which one of the following does not include Corporation tax?

a) Interest on securities

b) Profit from business

c) Capital gain

d) Sale proceed of assets

Question : 3

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

a) Progressive taxation combined with regressive expenditure

b) Regressive taxation combined with regressive expenditure

c) Progressive taxation combined with progressive expenditure

d) Regressive taxation combined with progressive expenditure

Question : 4

What has been kept under the purview of Goods and Services Tax (GST)?

a) Electricity

b) Petroleum products

c) Alcohol for human consumption

d) Ghee