Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Which of the following taxes is not collected by the Central Government ? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty
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Professional tax 
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Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Description : Which of the following taxes is not collected by the Central Government? (1) Income tax (2) Customs duty (3) Professional tax (4) Excise duty

Last Answer : (3) Professional tax Explanation: A professional tax, also known as an occupation tax or a professional privilege lax, is a tax that a professional must pay to receive the right to practice a ... and a professional who has clients in more than one state may owe professional taxes in several states.

Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties

Description : Among the tax revenues of the Union Government, the most important source is – (1) Income Tax (2) Customs Duty (3) Corporation Tax (4) Union Excise Duties

Last Answer : (4) Union Excise Duties Explanation: Central excise revenue is the biggest single source of revenue for the Government of India. The Union Government tries to achieve different socio-economic objectives by ... adopted by entry 84 of List I of the seventh Schedule of the Constitution of India.

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : (4) Expenditure tax Explanation: Expenditure tax is a taxation plan that replaces the income tax (a direct tax). Instead of applying a tax based on the income earned, tax is allocated based on the ... a consumption tax. The major benefit for this type of tax scheme is the removal of double taxation.

Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Description : Which one of the following is NOT an example of indirect tax? (1) Sales tax (2) Excise duty (3) Customs duty (4) Expenditure tax

Last Answer : Expenditure tax

Which of the following sets belongs to Central tax? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duly and Income tax (3) Income tax, Custom duty and House, Lax (4) Custom duty, Entertainment tax and Income tax

Description : Which of the following sets belongs to Central tax? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duly and Income tax (3) Income tax, Custom duty and House, Lax (4) Custom duty, Entertainment tax and Income tax

Last Answer : (2) Excise duty, Custom duly and Income tax Explanation: The Central Indian Government that is officially named as the "Union Government" is responsible for the imposition of both direct taxes as ... and Securities Transaction Tax. The indirect taxes are: Customs Duty; Excise Duty and Service Tax.

Which of the following sets belongs to Central tax ? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duty and Income tax (3) Income tax, Custom duty and House tax (4) Custom duty, Entertainment tax and Income tax

Description : Which of the following sets belongs to Central tax ? (1) Excise duty, Sales tax and Custom duty (2) Excise duty, Custom duty and Income tax (3) Income tax, Custom duty and House tax (4) Custom duty, Entertainment tax and Income tax

Last Answer : Excise duty, Custom duty and Income tax 

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : (4) Taxes on Advertisement Explanation: Apart from taxes levied and collected by the States, the Constitution has provided for the revenues for certain taxes on the Union List to be allotted ... exchanges and future markets; and Taxes on sale and purchase of newspapers and advertisements therein.

Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Description : Which of the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states ? (1) Expenditure Tax and Gift Tax (2) Additional Duties of Excise in lieu of Sales Tax (3) Stamps and Registration (4) Taxes on Advertisement

Last Answer : Taxes on Advertisement

The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Description : The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Last Answer : (3) State Excise Duty Explanation: An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to customs ... paper, drugs and pharmaceuticals, alcoholic liquor, water filtration and purification devices, pan masala, etc.

The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Description : The duties levied on alcoholic liquors, narcotic drugs and opium come under— (1) Central Excise Duty (2) Land Revenue (3) State Excise Duty (4) General Sales Tax

Last Answer :  Central Excise Duty

Which one of the following taxes is collected and utilized by the State Governments? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Description : Which one of the following taxes is collected and utilized by the State Governments? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Last Answer : (3) Land revenue Explanation: The Constitution allocates the taxation of agricultural income to states. Lan revenue is a major source of revenue for states in India. For purpose of ... Commissioner, also known as Collector indicating his responsibility for the realization of all Government revenues.

Which one of the following taxes is collected and utilized by the State Governments ? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Description : Which one of the following taxes is collected and utilized by the State Governments ? (1) Personal income tax (2) Corporation tax (3) Land revenue (4) Custom duties

Last Answer : Land revenue 

Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Description : Which among the following is the exclusive jurisdiction of the state government? a. Corporation tax b. Customs duty c. Sales tax d. Income tax

Last Answer : c. Sales tax

Tax on inheritance is called - (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Description : Tax on inheritance is called - (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Last Answer : (2) Estate duty Explanation: Estate duty is a tax on the total market value of a person's assets at the date of his or her death. The deceased person's assets, as a whole, are called an ... on assets that legal heirs inherit, while estate duty is applicable on the assets of those who are dead.

Which of the following is an indirect tax? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty

Description : Which of the following is an indirect tax? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty

Last Answer : (2) Excise Duty Explanation: Some examples of indirect taxes include value added tax, excise duty, sales tax, stamp duty and custom duty levied on imports. These are taxes levied by the slate on expenditure and consumption, but not on property or income.

Which of the following is an indirect tax ? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty

Description : Which of the following is an indirect tax ? (1) Capital Gains Tax (2) Excise Duty (3) Wealth Tax (4) Estate Duty

Last Answer : Excise Duty

Tax on inheritance is called (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Description : Tax on inheritance is called (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax

Last Answer : Estate duty 

Banking services provided to Special Economic Zones(SEZ) units have been exempted from _________ A. Sales Tax B. Securities Transaction Tax – STT. C. Central Excise Duty D. Service Tax E. None of the Above

Description : Banking services provided to Special Economic Zones(SEZ) units have been exempted from _________ A. Sales Tax B. Securities Transaction Tax – STT. C. Central Excise Duty D. Service Tax E. None of the Above

Last Answer : D. Service Tax Explanation: Banking services offered to units set up in special economic zones have been exempted from paying service tax.

Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax

Description : Which of the following taxes is such which does not cause rise in price ? (1) Import duty (2) Income tax (3) Octoroi (4) Sales tax 

Last Answer :  Income tax

The Central Board of Excise and Customs (CBE(C) announced that every year ................... will be considered as GST Day. (A) April 1 (B) March 1 (C) June 1 (D) July 1

Description : The Central Board of Excise and Customs (CBE(C) announced that every year ................... will be considered as GST Day. (A) April 1 (B) March 1 (C) June 1 (D) July 1

Last Answer : (D) July 1

Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Description : Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution? (1) Estate Duty (2) Sales Tax (3) Taxes on Railway Fares and Freights (4) Corporation Tax

Last Answer : (4) Corporation Tax Explanation: The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Centre and the State. Article ... taxes on capital of companies; estate duty in respect of property other than agricultural land, etc.

)The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax laws including the question of imposition of bank tax (3) the concerns of the foreign investors in India with regard to taxation matters (4) aspects of generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Description : )The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Last Answer : (4) aspects of generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system Explanation: The Central Board of Direct Taxes (CBDT) ... steps to prevent generation of illicit funds through transactions in property, bullion and equity market.

The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into – (1) codification of tax laws (2) the entire structure of tax laws including the question of imposition of bank tax (3) the concerns of the foreign investors in India with regard to taxation matters (4) aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system

Description : The government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into - (1) codification of tax laws (2) the entire structure of tax ... generation of black money, its transfer abroad and bringing back such money into India's legitimate financial system

Last Answer : aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system

Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportation (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportation (4) production, transportation and sale

Last Answer : (1) production Explanation: An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax ... customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties arc border taxes.

Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its - (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Last Answer : (1) production Explanation: Excise duty is a type of tax charged on goods produced within the country. In India, an excise tax is levied on the manufacturer of goods when those goods leave the place ... called the Central Excise duty, this tax is now known as the Central Value Added Tax (CENVAT).

Excise duty is levied on - (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Description : Excise duty is levied on - (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Last Answer : (2) production of goods Explanation: Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and ... "State Excise" duty. The Excise duty on rest of goods is called "Central Excise" duty.

Excise duty on a commodity is payable with reference to its (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale

Description : Excise duty on a commodity is payable with reference to its (1) production (2) production and sale (3) production and transportations (4) production, transportation and sale 

Last Answer : production

Excise duty is levied on (1) sale of goods (2) production of goods (3) import of goods (4) export of goods

Description : Excise duty is levied on (1) sale of goods (2) production of goods (3) import of goods (4) export of goods 

Last Answer : production of goods

What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT)? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Last Answer : (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. Explanation: A value added tax (VAT) is a form of consumption tax. A VAT is like a sales tax in that ... under the single tax system based primarily or exclusively on one tax, typically chosen for its special properties.

What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A single tax that replaces State taxes like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods

Description : What is Value Added Tax (VAT) ? (1) A simple, transparent, easy to pay tax imposed on consumers (2) A new initiative taken by the Government to increase the tax-burden of high income groups (3) A ... like, surcharge, turnover tax, etc. (4) A new tax to be imposed on the producers of capital goods 

Last Answer : A single tax that replaces State taxes like, surcharge, turnover tax, etc. 

Which confectionary giant was slapped with a notice demanding 250 crore Rupees by the Directorate General of Central Excise Intelligence on the grounds of excise duty evasion? a) Cadbury India Ltd b) Wrigley India c) Lotte India d) Perk India Ltd

Description : Which confectionary giant was slapped with a notice demanding 250 crore Rupees by the Directorate General of Central Excise Intelligence on the grounds of excise duty evasion? a) Cadbury India Ltd b) Wrigley India c) Lotte India d) Perk India Ltd

Last Answer : Answer: (a) Cadbury India Ltd

Which of the following is the tax calculated on the sales value of the goods ? 1. Custom tax 2. Excise duty 3. Invention cost 4. Reimbursement Duty 5. Ad valorem tax

Description : Which of the following is the tax calculated on the sales value of the goods ? 1. Custom tax 2. Excise duty 3. Invention cost 4. Reimbursement Duty 5. Ad valorem tax

Last Answer : Ad valorem tax

An imposition of excise duty would effect the demand of a product due to ………….. (a) Income effect ; (b) Substitution effect ; (c) Both ; (d) None

Description : An imposition of excise duty would effect the demand of a product due to ………….. (a) Income effect ; (b) Substitution effect ; (c) Both ; (d) None 

Last Answer : (c) Both ;

_________ taxes are based on gross earnings. (A) Property (B) Excise (C) Income (D) Capital gain

Description : _________ taxes are based on gross earnings. (A) Property (B) Excise (C) Income (D) Capital gain

Last Answer : (C) Income

A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to the Bureau of Internal Revenue any fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. b. To comply with technical standards and ethics requirements. c. To comply with the quality review of amember body or professional bodyd. To respond to an inquiry or investigationby a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax

A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose to BIR fraudulent scheme committed by the client on payment of income tax. c. To comply with the quality review of a member body or professional body d. To respond to an inquiry or investigation by a member body or regulatory body

Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body

Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.

Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : (3) Determination of import duty uniformly Explanation: Non-tariff barriers to trade include import quotas, special licenses, unreasonable standards for the quality of goods, bureaucratic delays at customs, ... duty uniformly is comes under the sovereign duty of a nation. It is internal development.

The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term 'Dumping' refers to - (1) The sale of a substandard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : (2) Sale in a foreign market of a commodity at a price below marginal cost Explanation: Dumping is an international price discrimination in which an exporter firm sells a portion of its out-put in ... , incurring loss in the foreign market (International Economics by M. Maria. John Kennedy, p.122).

The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Description : The term ‘Dumping’ refers to (1) The sale of a sub-standard commodity (2) Sale in a foreign market of a commodity at a price below marginal cost (3) Sale in a foreign market of a commodity just at marginal cost with too much of profit (4) Smuggling of goods without paying any customs duty

Last Answer : Sale in a foreign market of a commodity at a price below marginal cost

Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Description : Which among the following is not a non-customs duty obstacle in the world trade ? (1) Quantity restriction (2) Establishment of Standard of labour in manufacturing (3) Determination of import duty uniformly (4) Restrictions on goods quality

Last Answer : Determination of import duty uniformly

Agricultural income tax is a source of revenue to - (1) Central Government (2) State Government (3) Local Administration (4) Centre and State Governments

Description : Agricultural income tax is a source of revenue to - (1) Central Government (2) State Government (3) Local Administration (4) Centre and State Governments

Last Answer : (2) State Government Explanation: The Constitution of India allocates the taxation of agricultural income to states. Land revenue is a major source of revenue for states in India

Agricultural income tax is a source of revenue to (1) Central Government (2) State Government (3) Local Administration (4) Centre and State Govern ments

Description : Agricultural income tax is a source of revenue to (1) Central Government (2) State Government (3) Local Administration (4) Centre and State Govern ments

Last Answer :  State Government

Which one of the following is a direct tax? (1) Sales Tax (2) Excise Tax (3) Wealth Tax (4) Entertainment Tax

Description : Which one of the following is a direct tax? (1) Sales Tax (2) Excise Tax (3) Wealth Tax (4) Entertainment Tax

Last Answer : (3) Wealth Tax Explanation: Direct tax is a tax levied directly on the person or company that has to pay it. These taxes are paid directly to the tax authority.

Which one of the following is a direct tax ? (1) Sales Tax (2) Excise Tax (3) Wealth Tax (4) Entertainment Tax

Description : Which one of the following is a direct tax ? (1) Sales Tax (2) Excise Tax (3) Wealth Tax (4) Entertainment Tax

Last Answer : Wealth Tax

In which season is the frequency of tropical cyclones in the Bay of Bengal maximum? [I. Tax & Central Excise 1991] (a) During monsoon (b) After summer (c) During winter (d) During autumn

Description : In which season is the frequency of tropical cyclones in the Bay of Bengal maximum? [I. Tax & Central Excise 1991] (a) During monsoon (b) After summer (c) During winter (d) During autumn

Last Answer : Ans: (b)

Which one of the following rivers is not the tributary of Ganga ? [I. Tax & Central Excise 1993] (a) Indrawati (b) Son (c) Gomati (d) Yamuna

Description : Which one of the following rivers is not the tributary of Ganga ? [I. Tax & Central Excise 1993] (a) Indrawati (b) Son (c) Gomati (d) Yamuna

Last Answer : Ans: (a)

The Eastern Coast of India is known as : [I.Tax & Central Excise 1992] (a) Eastern Plateau (b) Bengal Coast (c) Coromandal Coast (d) Cyclonic Coast

Description : The Eastern Coast of India is known as : [I.Tax & Central Excise 1992] (a) Eastern Plateau (b) Bengal Coast (c) Coromandal Coast (d) Cyclonic Coast

Last Answer : Ans: (c)

Maharashtrian Plateau is made up of: [I. Tax & Central Excise 1992] (a) alluvial soil (b) coral reef (c) sandstone (d) lava

Description : Maharashtrian Plateau is made up of: [I. Tax & Central Excise 1992] (a) alluvial soil (b) coral reef (c) sandstone (d) lava

Last Answer : Ans: (d)

Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Description : Forced Savings refer to - (1) Reduction of consumption consequent to a rise in prices (2) Taxes on individual income and wealth (3) Compulsory deposits imposed on income tax payers (4) Provident fund contribution of private sector employees

Last Answer : (1) Reduction of consumption consequent to a rise in prices Explanation: Forced saving is an economic situation in which consumers spend less than their disposable income, not because they want to ... free economy, this situation would normally result in increase in prices and inflow of more goods.