SSC Economics Sample Paper NCERT Sample Paper-7

  • question_answer
    The salient features of Direct Tax Code bill include:
    1. It indicates stability in direct tax rates.
    2. It strengthens taxation provisions for international transactions. Choose the correct one:

    A)  Only 1 

    B)  Only 2

    C)  Both 1 and 2    

    D)  neither 1 nor 2

    Correct Answer: C

    Solution :

    [c] Direct Taxes Code (DTC), which was first released in 2009, sought to replace the existing Income Tax Act 1961 and Wealth Tax Act 1957 through a single legislation, with consolidation and improvements in the way taxes are collected in India. It sought to consolidate all direct taxes. The NDA Government has put the bill in cold storage and will not pursue it. As per finance minister, most of its proposals have already been incorporated in the Income Tax Act, there is not merit in pursuing it.

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