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.
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.
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
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.
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
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.
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
Description : The tax levied on gross sales revenue from business transactions is called - (1) Turnover Tax (2) Sales Tax (3) Capital Gains Tax (4) Corporation Tax
Last Answer : (1) Turnover Tax Explanation: A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate and possibly capital goods. It is charged on gross ... turnover tax is levied on all intermediate transactions between businesses leading to and including the final sale.
Description : The tax levied on gross sales revenue from business transactions is called (1) Turnover Tax (2) Sales Tax (3) Capital Gains Tax (4) Corporation Tax
Last Answer : Turnover 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.
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.
Last Answer : Expenditure tax
Description : Tax on inheritance is called (1) Excise duty (2) Estate duty (3) Gift tax (4) Sales tax
Last Answer : Estate duty
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.
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.
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
Description : Excise duties are levied by the Union but appropriated by the States, True or False?
Last Answer : True
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.
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.
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
Description : Mark the correct option a) Any goods transmission through inland post is prohibited found in PO should be detained and an immediate report submitted to Head of the Circle/Region. b) If a leaky parcel ... in a cover and marked doubtful' addressed to the Postmaster of destination e) All the above
Last Answer : e) All the above
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
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.
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
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.
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
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
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.
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).
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
Description : Who will submit forecasts and indents for central excise revenue stamps a. Superintendent of CSD b. Head of Central excise department c. Collector of Central Boards
Last Answer : c. Collector of Central Boards
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
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
Description : 1. The largest source of tax revenue for the federal government is: a. the personal income tax b. the social security tax c. the property tax d. the sales tax
Last Answer : a. the personal income 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
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.
Description : Ad Valorem tax is levied - (1) according to value added by the Government. (2) according to value addition to a commodity (3) according to value given by producers (4) according to value added by the finance ministry
Last Answer : (3) according to value given by producers Explanation: An ad valorem tax (Latin for "according to value") is a tax based on the value of real estate or personal property. It is more ... difficulty with such taxation, especially in the case of tariffs, is in establishing a satisfactory value figure.
Description : 'Quota' is - (1) tax levied on imports (2) imports of capital goods (3) limit on the quantity of imports (4) limit on the quantity of exports
Last Answer : (3) limit on the quantity of imports Explanation: An import quota is a limit on the quantity of a good that can be produced abroad and sold domestically. It is a type of ... production of a good, service, or activity, thus "protect" domestic production by restricting foreign competition.
Description : ‘Quota’ is (1) tax levied on imports (2) imports of capital goods (3) limit on the quantity of imports (4) limit on the quantity of exports
Last Answer : limit on the quantity of imports
Description : Ad Valorem tax is levied (1) according to value added by the Government. (2) according to value addition to a commodity (3) according to value given by producers (4) according to value added by the finance ministry
Last Answer : according to value given by producers
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)
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)
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)
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)
Description : Drugs contraindicated with Monoaminoxidase Inhibitors (MAOI):VERY IMP AND CONTROVERSIAL QUESTION A. Barbiturates B. Pethidine C. Local Anaesthesia with felypressin D. Narcotic analgetics E. Salicylic acid
Last Answer : B. Pethidine
Description : Taxes levied by a nation on goods bought outside its borders and brought in, are called 1. import duties 2. export duties 3. export tariffs 4. quotas 5. import tariffs
Last Answer : import tariffs
Description : No stamp duties are levied on LC backed bills up to _______ days. a 120 b 100 c 90
Last Answer : c 90
Description : Taxes levied on imports into a country are called: A)tarrifs B)quotas C)duties D)barriers
Last Answer : A)tarrifs
Description : axes levied by a nation on goods bought outside its borders and brought in are called A)import duties. B)export duties. VU Cafeteria C)export tariffs. D)quotas. E)import tariffs.
Last Answer : E)import tariffs.
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