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

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
by

1 Answer

Answer :

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

Related questions

)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.

When can a corporation or association incorporated under the Philippine laws and with foreign investors be granted radio station license? A. When 60% of the capital is owned by Filipino citizens B. When 50% of the capital is owned by Filipino citizens C. When the chairman of the board is a Filipino D. When the president of the corporation/association is a Filipino

Description : When can a corporation or association incorporated under the Philippine laws and with foreign investors be granted radio station license? A. When 60% of the capital is owned by Filipino citizens B. ... of the board is a Filipino D. When the president of the corporation/association is a Filipino

Last Answer : A. When 60% of the capital is owned by Filipino citizens

PSA 315 requires that the auditor should obtain an understanding' of relevant industry, regulatory and other external factors including the applicable financial reporting framework. Which of the following is not an example of matters relating to regulatory environment that the auditor would usually consider? a. Regulatory framework for a regulated industry. b. Product technology relating to the entity's product. c. Legislation and regulation significantly affecting the entity's operationd. Taxation

Description : PSA 315 requires that the auditor should obtain an understanding' of relevant industry, regulatory and other external factors including the applicable financial reporting framework. Which of the ... product. c. Legislation and regulation significantly affecting the entity's operation d. Taxation

Last Answer : Product technology relating to the entity's product

Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person to render professional services as a CPA to more than one clienb. A person representing his/her employer before government agencies on tax arid other accounting related matters. c. A person in educational institution teaching accounting, auditing, business law, taxation or other technically related subjects. d. A person is appointed as a marketing director of a government owned and controlled corporation.t

Description : Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person ... d. A person is appointed as a marketing director of a government owned and controlled corporation.

Last Answer : A person is appointed as a marketing director of a government owned and controlled corporation.

Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by ________ recommended the formation of a new category of bank called payments bank. A. NR Madhawan Menon B. Bimal Jalan C. Nachiket Mor D. Y.H. Melagam E. None of the Above

Description : Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by ________ recommended the formation of a new category of bank called payments bank. A. NR Madhawan Menon B. Bimal Jalan C. Nachiket Mor D. Y.H. Melagam E. None of the Above

Last Answer : C. Nachiket Mor Explanation: Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor recommended the formation of a new category of bank called payments bank.

Does it bother you that the tax laws are set up so that the very rich (i.e. Mitt Romney) pay a smaller percentage of taxes than you probably do?

Description : Does it bother you that the tax laws are set up so that the very rich (i.e. Mitt Romney) pay a smaller percentage of taxes than you probably do?

Last Answer : Sure: I think it bothers most of the 99%.

Which of the following is not included under the management of World bank? A. Board of Governor B. Executive Committee C. Chairman D. RBI’s Governor

Description : Which of the following is not included under the management of World bank? A. Board of Governor B. Executive Committee C. Chairman D. RBI’s Governor

Last Answer : D. RBI’s Governor

GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Description : GDP at factor cost exceeds GDP at market price (a) When the factor income from abroad is negative ; (b) When depreciation on fixed capital exceeds income in investment; (c) When direct tax exceeds indirect tax ; (d) When subsidies exceeds indirect taxes.

Last Answer : (d) When subsidies exceeds indirect taxes. 

Which of the following is not an export (a) sales of domestic cars abroad (b) purchase of foreign components © students from abroad studying in your country (d) sales of financial services.

Description : Which of the following is not an export (a) sales of domestic cars abroad (b) purchase of foreign components © students from abroad studying in your country (d) sales of financial services.

Last Answer : (b) purchase of foreign components

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.

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 : Professional tax 

Management’s attitude toward aggressive financial reporting and its emphasis onmeeting projected profit goals most likelywould significantly influence an entity’scontrol environment when a. External policies established by partiesoutside the entity affect its accountingpractices. b. Management is dominated by oneindividual who is also a shareholder. c. Internal auditors have direct access tothe board of directors and the entity’smanagement. d. The audit committee is active inoverseeing the entity’s financialreporting policies

Description : Management's attitude toward aggressive financial reporting and its emphasis on meeting projected profit goals most likely would significantly influence an entity's control environment when a. External ... d. The audit committee is active in overseeing the entity's financial reporting policies

Last Answer : Management is dominated by one individual who is also a shareholder

A part of National Debt known as External Debt is the amount - (1) borrowed by its citizens from abroad (2) lent by its citizens to foreign governments (3) borrowed by its government from abroad (4) lent by its government to foreign government

Description : A part of National Debt known as External Debt is the amount - (1) borrowed by its citizens from abroad (2) lent by its citizens to foreign governments (3) borrowed by its government from abroad (4) lent by its government to foreign government

Last Answer : (3) borrowed by its government from abroad Explanation: External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. ... governments, or international financial institutions such as the International Monetary Fund (IMF) and World Bank.

A part of National Debt known as External Debt is the amount (1) borrowed by its citizens from abroad (2) lent by its citizens to foreign governments (3) borrowed by its government from abroad (4) lent by its government to foreign government

Description : A part of National Debt known as External Debt is the amount (1) borrowed by its citizens from abroad (2) lent by its citizens to foreign governments (3) borrowed by its government from abroad (4) lent by its government to foreign government

Last Answer : borrowed by its government from abroad

Which one of the following is not a function of the central bank in an economy? (1) Dealing with foreign exchange (2) Controlling monetary policy (3) Controlling government spending (4) Acting as a banker's bank

Description : Which one of the following is not a function of the central bank in an economy? (1) Dealing with foreign exchange (2) Controlling monetary policy (3) Controlling government spending (4) Acting as a banker's bank

Last Answer : (3) Controlling government spending Explanation: A central bank, reserve bank, or monetary authority is a public institution that manages a state’s currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries.

Which one of the following is not a function of the central bank in an economy ? (1) Dealing with foreign exchange (2) Controlling monetary policy (3) Controlling government spending (4) Acting as a banker’s bank

Description : Which one of the following is not a function of the central bank in an economy ? (1) Dealing with foreign exchange (2) Controlling monetary policy (3) Controlling government spending (4) Acting as a banker’s bank

Last Answer : Controlling government spending

The monetary policy is India is formulated by - (1) Central Government (2) Industrial Financial Corporation of India (3) Reserve Bank of India (4) Industrial Development Bank of India

Description : The monetary policy is India is formulated by - (1) Central Government (2) Industrial Financial Corporation of India (3) Reserve Bank of India (4) Industrial Development Bank of India

Last Answer : (3) Reserve Bank of India Explanation: Monetary policy is the process by which monetary authority of a country, generally a central bank controls the supply of money in the economy by exercising its control ... Bank of India (RBI). is so designed as to maintain the price stability in the economy.

The monetary policy is India is formulated by (1) Central Government (2) Industrial Financial Corporation of India (3) Reserve Bank of India (4) Industrial Development Bank of India

Description : The monetary policy is India is formulated by (1) Central Government (2) Industrial Financial Corporation of India (3) Reserve Bank of India (4) Industrial Development Bank of India 

Last Answer :  Reserve Bank of India

In the BoP statement, current account includes (i) Marchandize, invisible items (ii) Government loans from abroad (iii) Foreign direct investment. (a) (i) only ; (b) Both (i) and (ii) above ; (c) Both (i) and (iii) above ; (d) Both (ii) and (iii) above

Description : In the BoP statement, current account includes (i) Marchandize, invisible items (ii) Government loans from abroad (iii) Foreign direct investment. (a) (i) only ; (b) Both (i) and (ii) above ; (c) Both (i) and (iii) above ; (d) Both (ii) and (iii) above

Last Answer : (a) (i) only ; 

CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes

Description : CBDT stands for ………………………….. A) Central Bureau of Direct Taxes B) Central Board of Direct Taxes C) Citizen’s Board of Direct Taxes D) Citizen’s Bureau of Direct Taxes

Last Answer : B) Central Board of Direct Taxes

______ __ services are mainly provided to foreign investors. a. Custodial Services b. Financial Services c. Factoring Services

Description : ______ __ services are mainly provided to foreign investors. a. Custodial Services b. Financial Services c. Factoring Services

Last Answer : a. Custodial Services

The main emphasis of Keynesian economics is on - (1) Expenditure (2) Exchange (3) Foreign trade (4) Taxation

Description : The main emphasis of Keynesian economics is on - (1) Expenditure (2) Exchange (3) Foreign trade (4) Taxation

Last Answer : (1) Expenditure Explanation: Keynesian Economics is an economic theory of total spending in the economy and its effects on output and inflation. It emphasizes that government expenditures (or tax cuts) leads to increase in GDP which is a multiple of the original expenditure.

The main emphasis of Keynesian economics is on (1) Expenditure (2) Exchange (3) Foreign trade (4) Taxation

Description : The main emphasis of Keynesian economics is on (1) Expenditure (2) Exchange (3) Foreign trade (4) Taxation

Last Answer : Expenditure

The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting framework b. Nature of the entity, including the entity's selection and application of accounting policies c. Objectives and strategies and the related business risks that may result in a material misstatement of the financial statements d. All of these.

Description : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.

Last Answer : All of these.

The auditor's understanding of the entity and its environment consists of an understanding of the following aspects except a. Industry, regulatory, and other external factors, including the applicable financial reporting framework. b. Nature of the entity, including the entity's selection and application of accounting policies. c. Measurement and review of the entity's financial performance. d. Entity's selection and screening process of marketing and production personnel.

Description : The auditor's understanding of the entity and its environment consists of an understanding of the following aspects except a. Industry, regulatory, and other external factors, including the ... financial performance. d. Entity's selection and screening process of marketing and production personnel.

Last Answer : Entity's selection and screening process of marketing and production personnel.

Is progressive taxation really a transfer of wealth, or do the wealthy remain wealthy even with a progressive tax system?

Description : Is progressive taxation really a transfer of wealth, or do the wealthy remain wealthy even with a progressive tax system?

Last Answer : The wealthy remain wealthy.

If any question arises as to the age of a judge of a High Court, the question shall be decided by - (1) Chief Justice of India (2) President of India (3) Collegiums of judges headed by the Chief Justice of India (4) Three judges committee constituted by the Vice President of India

Description : If any question arises as to the age of a judge of a High Court, the question shall be decided by - (1) Chief Justice of India (2) President of India (3) Collegiums of judges headed by the Chief Justice of India (4) Three judges committee constituted by the Vice President of India

Last Answer : (1) Chief Justice of India Explanation: Any question arising as to the age of a judge of a High court, the question shall be decided by chief justice of India.

Who advises the Government of India on legal matters? (1) Attorney General (2) Chief justice of Supreme Court (3) Chairman, Law Commission (4) None of these

Description : Who advises the Government of India on legal matters? (1) Attorney General (2) Chief justice of Supreme Court (3) Chairman, Law Commission (4) None of these

Last Answer : (1) Attorney General Explanation: Attorney general of India, appointed by President, advises the government of India on legal matters. Presently Venugopal is an Attorney General of India.

The difference between Gross National Product (GNP) and Gross Domestic Product GDP) is (a) Excess of subsidies over indirect taxes ; (b) Depreciation ; (c) Net foreign income from abroad (d) Excess of indirect taxes over subsidies

Description : The difference between Gross National Product (GNP) and Gross Domestic Product GDP) is (a) Excess of subsidies over indirect taxes ; (b) Depreciation ; (c) Net foreign income from abroad (d) Excess of indirect taxes over subsidies

Last Answer :  (c) Net foreign income from abroad

Whe a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called - (1) Transfer of Capital (2) Escape of Capital (3) Outflow of Capital (4) Flight of Capital

Description : Whe a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called - (1) Transfer of Capital (2) Escape of Capital (3) Outflow of Capital (4) Flight of Capital

Last Answer : (4) Flight of Capital Explanation: Flight of capital refers to the movement of money from one investment to another in search of greater stability or increased returns. Sometimes, it ... in massive foreign capital outflows from a specific country, often at times of currency instability.

When a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called (1) Transfer of Capital (2) Escape of Capital (3) Outflow of Capital (4) Flight of Capital

Description : When a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called (1) Transfer of Capital (2) Escape of Capital (3) Outflow of Capital (4) Flight of Capital 

Last Answer :  Flight of Capital 

Under progressive taxation, the real value of tax on a given level of real income : (a) decreases under inflation (b) rises under depression (c) rises under inflation (d) remains unchanged under inflation

Description : Under progressive taxation, the real value of tax on a given level of real income : (a) decreases under inflation (b) rises under depression (c) rises under inflation (d) remains unchanged under inflation

Last Answer : (c) rises under inflation

The final resting place of a tax is called (a) impact of taxation (b) incidence of taxation (c) effect of taxation (d) shifting of taxation

Description : The final resting place of a tax is called (a) impact of taxation (b) incidence of taxation (c) effect of taxation (d) shifting of taxation

Last Answer : b) incidence of taxation

The Government of India in a bid to attract foreign investments into India has appointed the Investment Commission which is headed by—

Description : The Government of India in a bid to attract foreign investments into India has appointed the Investment Commission which is headed by—

Last Answer : Ratan Tata

The customs control based on the Indians customs act 1962 is for a) The imposition of export or import duties b) For ensuring the observance of the provisions of import and export control act c) For ensuring the observation of foreign exchange regulation act d) All of the above

Description : The customs control based on the Indians customs act 1962 is for a) The imposition of export or import duties b) For ensuring the observance of the provisions of import and export control act c) For ensuring the observation of foreign exchange regulation act d) All of the above

Last Answer : d) All of the above

Mark the correct option a) All statements which the court permits or requires to be made before it by witnesses, in relation to matters of fact under inquiry such statements are called oral evidence b) All documents including electronic records produced for the inspection of the court called as documentary evidence c) Both the A and B are correct d) Neither A nor B are correct.

Description : Mark the correct option a) All statements which the court permits or requires to be made before it by  witnesses, in relation to matters of fact under inquiry such statements are called  oral evidence b) ... documentary evidence c) Both the A and B are correct d) Neither A nor B are correct.

Last Answer : c) Both the A and B are correct

Which of the following matters would an auditor most likely consider when establishing the scope of the audit?a. Audit areas where there is a higher risk of material misstatement. b. The expected audit coverage, including the number and locations of the entity's components to be included. c. The entity's timetable for reporting, such as at interim and final stages. d. The discussion with the entity's management concerning the expected communications on the status of audit work throughout the engagement and the expected deliverables resulting from the audit procedures.

Description : Which of the following matters would an auditor most likely consider when establishing the scope of the audit? a. Audit areas where there is a higher risk of material misstatement. ... status of audit work throughout the engagement and the expected deliverables resulting from the audit procedures.

Last Answer : The expected audit coverage, including the number and locations of the entity's components to be included.

What are business areas which the Vietnamese Government encouraging foreign investors to engage in?

Description : What are business areas which the Vietnamese Government encouraging foreign investors to engage in?

Last Answer : There are many sectors, such as:AgricultureEnvironmental protection: recycling, wind investments,..HealthcareScientific technologyEducationSee more: Investment incentives for business sectors in Vietnam at plf.com.vn/investment-incentives-for-business-sectors-in-Vietnam

Under flexible exchange rate system, the exchange rate is determined by - (1) the Central Bank of the country (2) the forces of demand and supply in the foreign exchange market (3) the price of gold (4) the purchasing power of currencies

Description : Under flexible exchange rate system, the exchange rate is determined by - (1) the Central Bank of the country (2) the forces of demand and supply in the foreign exchange market (3) the price of gold (4) the purchasing power of currencies

Last Answer : (2) the forces of demand and supply in the foreign exchange market Explanation: A floating exchange rate is a type of exchange rate regime wherein a currency's value is allowed to ... by the foreign-exchange market through supply and demand for that particular currency relative to other currencies.

Under flexible exchange rate system, the exchange rate is determined by (1) the Central Bank of the country (2) the forces of demand and supply in the foreign exchange market (3) the price of gold (4) the purchasing power of currencies

Description : Under flexible exchange rate system, the exchange rate is determined by (1) the Central Bank of the country (2) the forces of demand and supply in the foreign exchange market (3) the price of gold (4) the purchasing power of currencies 

Last Answer :  the forces of demand and supply in the foreign exchange market

I'm headed to Madrid, Spain this summer to study abroad. Any great tips for places to go or things to see?

Description : I'm headed to Madrid, Spain this summer to study abroad. Any great tips for places to go or things to see?

Last Answer : Here’s a nifty little Top Ten of things to do and see while in Madrid. Best of all, most of it seems free or relatively cheap.

Which of the following is not one of the primary concerns in the Finance Department? a. Acquiring the capital needed for company activities. b. Establishing a dividend policy that maximizes the return to shareholders. c. Setting accounts payable and accounts receivable policies. d. Driving the financial structure of the firm, its relationship between debt and equity. e. Deciding promo and sales budget

Description : Which of the following is not one of the primary concerns in the Finance Department? a. Acquiring the capital needed for company activities. b. Establishing a dividend policy that maximizes the ... structure of the firm, its relationship between debt and equity. e. Deciding promo and sales budget

Last Answer : e. Deciding promo and sales budget

Under section 57(1) of Indian Evidence act, court shall take judicial notice of- a) All laws in force in India b) All laws including foreign law c) All Indian and Asian law

Description : Under section 57(1) of Indian Evidence act, court shall take judicial notice of- a) All laws in force in India b) All laws including foreign law c) All Indian and Asian law

Last Answer : a) All laws in force in India

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

One of the main factors that led to rapid expansion of Indian exports is - (1) Imposition of import duties (2) Liberalization of the economy (3) Recession in other countries (4) Diversification of exports

Description : One of the main factors that led to rapid expansion of Indian exports is - (1) Imposition of import duties (2) Liberalization of the economy (3) Recession in other countries (4) Diversification of exports

Last Answer : (4) Diversification of exports Explanation: India has rapidly diversified its exports markets from the traditional export partners towards emerging and developing economies. This has played a crucial ... export markets can be noted from the narrowing dependence on selected economies for exports.

One of the main factors that led to rapid expansion of Indian exports is (1) Imposition of import duties (2) Liberalisation of the economy (3) Recession in other countries (4) Diversification of exports

Description : One of the main factors that led to rapid expansion of Indian exports is (1) Imposition of import duties (2) Liberalisation of the economy (3) Recession in other countries (4) Diversification of exports

Last Answer : Diversification of exports 

Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory abroad where it expects to find oil reserves. C. A tourist purchasing foreign currency to spend on a holiday abroad. D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Description : Which of the following constitutes Foreign Direct Investment? A. A speculator trying to make a profit by buying company shares on a foreign stock exchange. B. A UK energy company buying territory ... D. A company signing an agreement with a wholesaler to distribute its products in foreign markets.

Last Answer : A tourist purchasing foreign currency to spend on a holiday abroad.

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.