Banking Marketing Aptitude Taxation in India Question Bank

done Taxation in India Total Questions - 16

• question_answer1)
  CENVAT is related to?
  A)
   Sales tax          done clear
  B)
         Excise duty  done clear
  C)
         Custom duty                 done clear
  D)
          Service Tax done clear
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• question_answer2)
  VAT is imposed?
  A)
   Directly on consumer done clear
  B)
         On final stage of production done clear
  C)
         On first stage of production done clear
  D)
         On all stage between production and final sale done clear
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• question_answer3)
  As a practice. All banks now deduct scheme amounts from their pre-tax income and set aside in a separate account to create a cushion for the loans which may go bad. This is called?
  A)
   CRR     done clear
  B)
                        SLR       done clear
  C)
       Provisioning      done clear
  D)
         PLR done clear
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• question_answer4)
  Which of the following taxes is collected by the Govt. on sale of goods and services in the country? (HABARD 200B)
  A)
   NAT                 done clear
  B)
          GET       done clear
  C)
         SAT                             done clear
  D)
          VAT done clear
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• question_answer5)
  The fringe benefit tax was introduced in the budget of?                                                       [SSC CGL 2011]
  A)
   2003-04 done clear
  B)
                        2004-05     done clear
  C)
         2005-06 done clear
  D)
          2006-07 done clear
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• question_answer6)
  Among the tax revenues of the union government the most important source is?                                [SSC cup 2012]
  A)
   Income Tax           done clear
  B)
                Union excise duties done clear
  C)
         Corporation tax        done clear
  D)
              Custom Duty  done clear
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• question_answer7)
  Which of the following taxes are levied and collected by the center but their net proceeds are wholly transferred to states?                                                                                                                                                 [SSC " SAS 2010]
  A)
   Expenditure Tax and Gift tax done clear
  B)
         Taxes, or Advertisement done clear
  C)
         Stamps and Registration done clear
  D)
         Additional duties of excise in lieu of Sales tax    done clear
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• question_answer8)
    If the tax rate increases with the higher level of income it shall be called                                             [SSC S.O. 2006]
  A)
   Proportional tax done clear
  B)
            Progressive tax done clear
  C)
         Lump sum tax   done clear
  D)
            Regressive tax  done clear
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• question_answer9)
  What is value Added Tax (VAT)?                                                                                                                                     [SSC Tax Assistant 2006]
  A)
   A simple transparent, easy to pay tax imposed on consumers done clear
  B)
         A new initiative taken by the government to increase the tax burden of high income groups done clear
  C)
         A single tax that replaces state taxes like, surcharge, turnover tax etc. done clear
  D)
       Anew tax to be imposed on the producers of devaluation of currency is        done clear
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• question_answer10)
                                  Excise duty on a commodity is payable with reference to its?                                                          [SSCCPOSI.2006]
  A)
   Production        done clear
  B)
          Production and sale done clear
  C)
         Production and transportations done clear
  D)
       Production, transportation and sale            done clear
  E)
        done clear
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• question_answer11)
  Which is responsible to collect the service tax?                                            [SSC SO  ...2005]
  A)
   Income tax department      done clear
  B)
          Central excise department done clear
  C)
         Commercial tax department of the state/UT done clear
  D)
         Postal department   done clear
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• question_answer12)
  Man bearers of the burden of indirect tax are?                                                       [SSC S.O. 2005]
  A)
   Manufacturers done clear
  B)
                        Traders           done clear
  C)
         Consumers        done clear
  D)
         Taxpayers     done clear
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• question_answer13)
                                    A tax levied on the values that are added to goods and services by the producers at various stages of production and distribution is called?
  A)
   Excise Duty       done clear
  B)
            Value added Tax done clear
  C)
         GST                 done clear
  D)
         Surcharge  done clear
  E)
                Income Tax                                                                                                                  [SBI Clerk 2012] done clear
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• question_answer14)
  A new scheme has been announced in the Budget 2012-13 giving tax exemptions to first time equity market investors. The scheme is titled as ?                                                                   [SBI] Asst. Clerk 2012]
  A)
   Rajiv Gandhi equity saving scheme done clear
  B)
         Rashtriya Equity saving scheme done clear
  C)
         National Equity savings scheme done clear
  D)
         Indira Gandhi equity saving scheme done clear
  E)
         Prime minister's equity saving scheme      done clear
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• question_answer15)
     The central Board of Direct Taxes has made e-filling of income tax returns mandatory for all as whose annual earning exceeds ?         [SBI Clerk 2012]
  A)
   5 Lakh during the fiscal     done clear
  B)
         10 lakh during the fiscal done clear
  C)
       15 lakh during the fiscal done clear
  D)
            20 lakh during the fiscal done clear
  E)
       25 lakh during the fiscal     done clear
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• question_answer16)
                     Taxes are certain as the death, because?                                                                                                                                                 [SSC, LDC, 2014]
  A)
   They constitute the major source of government revenue done clear
  B)
         Government have no other source of revenue done clear
  C)
         Most PSUs are run inefficiently done clear
  D)
         Government has its own budget constraints       done clear
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