CA Foundation Exam > CA Foundation Notes > Business Economics for CA Foundation > MCQ - Basic understanding of Tax System in India
MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation PDF Download
| Download, print and study this document offline |
Please wait while the PDF view is loading
Page 1 CPT Section C General Economics Chapter 5 Unit 4 CA Shweta Poojari Page 2 CPT Section C General Economics Chapter 5 Unit 4 CA Shweta Poojari MCQ’s Page 3 CPT Section C General Economics Chapter 5 Unit 4 CA Shweta Poojari MCQ’s a. They are imposed according to the ability of the person to pay. b. The taxes creates civil consciousness. c. The revenue is income elastic. d. They do not require maintenance of accounts. Answer:d Explanation: Direct taxes also require maintenance of books of accounts for determination of income and tax thereon. Page 4 CPT Section C General Economics Chapter 5 Unit 4 CA Shweta Poojari MCQ’s a. They are imposed according to the ability of the person to pay. b. The taxes creates civil consciousness. c. The revenue is income elastic. d. They do not require maintenance of accounts. Answer:d Explanation: Direct taxes also require maintenance of books of accounts for determination of income and tax thereon. a)Personal income tax. b)Excise duty. c)Sales tax. d)Service tax. Answer:- a Explanation:- In case of Excise duty, sales tax and service tax the burden is shifted to the consumer through a change in the price. Therefore these are indirect taxes. Page 5 CPT Section C General Economics Chapter 5 Unit 4 CA Shweta Poojari MCQ’s a. They are imposed according to the ability of the person to pay. b. The taxes creates civil consciousness. c. The revenue is income elastic. d. They do not require maintenance of accounts. Answer:d Explanation: Direct taxes also require maintenance of books of accounts for determination of income and tax thereon. a)Personal income tax. b)Excise duty. c)Sales tax. d)Service tax. Answer:- a Explanation:- In case of Excise duty, sales tax and service tax the burden is shifted to the consumer through a change in the price. Therefore these are indirect taxes. a.Profession tax. b.Corporate income tax. c.VAT. d.Wealth tax. Answer:- c Exaplanation:- The incidence of tax in case of profession tax , corporate income tax and wealth tax falls on the person who pays them to the government unlike VAT the burden of which is shifted to the buyer of goods therefore it is indirect.Read More
|
135 videos|190 docs|88 tests
|
FAQs on MCQ - Basic understanding of Tax System in India - Business Economics for CA Foundation
| 1. What is the tax system in India? |  |
Ans. The tax system in India is a progressive tax system, where individuals and businesses are required to pay taxes based on their income and profits. It includes various types of taxes such as income tax, corporate tax, goods and services tax (GST), and customs duty.
| 2. How is income tax calculated in India? | |
Ans. Income tax in India is calculated based on the income slabs and rates prescribed by the government. Individuals are divided into different income slabs, and each slab has a different tax rate. The income tax is calculated by multiplying the taxable income with the applicable tax rate and deducting any applicable deductions or exemptions.
| 3. What is Goods and Services Tax (GST) in India? | |
Ans. GST is a comprehensive indirect tax levied on the supply of goods and services in India. It is a multi-stage, destination-based tax that is applied throughout the value chain of goods and services. GST has replaced multiple indirect taxes such as central excise duty, service tax, and value-added tax (VAT).
| 4. What is the difference between direct and indirect taxes in India? | |
Ans. Direct taxes are taxes that are directly paid by individuals or businesses to the government, such as income tax and corporate tax. Indirect taxes, on the other hand, are taxes that are passed on to the end consumer and collected by intermediaries, such as GST and customs duty.
| 5. Are there any tax exemptions or deductions available in the Indian tax system? | |
Ans. Yes, the Indian tax system provides various exemptions and deductions to individuals and businesses. Some common exemptions include the exemption for certain agricultural income, exemption for long-term capital gains on specified investments, and exemption for income from certain specified sources. Deductions are available for expenses such as medical expenses, education expenses, and contributions to specified savings schemes.
Related Exams
About this Document
|
4.74/5 Rating |
|
Nov 23, 2024 Last updated |
Document Description: MCQ - Basic understanding of Tax System in India for CA Foundation 2024 is part of Business Economics for CA Foundation preparation.
The notes and questions for MCQ - Basic understanding of Tax System in India have been prepared according to the CA Foundation exam syllabus. Information about MCQ - Basic understanding of Tax System in India covers topics
like and MCQ - Basic understanding of Tax System in India Example, for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for MCQ - Basic understanding of Tax System in India.
Introduction of MCQ - Basic understanding of Tax System in India in English is available as part of our Business Economics for CA Foundation
for CA Foundation & MCQ - Basic understanding of Tax System in India in Hindi for Business Economics for CA Foundation course.
Download more important topics related with notes, lectures and mock test series for CA Foundation
Exam by signing up for free. CA Foundation: MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation
Description
Full syllabus notes, lecture & questions for MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation - CA Foundation | Plus excerises question with solution to help you revise complete syllabus for Business Economics for CA Foundation | Best notes, free PDF download
Information about MCQ - Basic understanding of Tax System in India
In this doc you can find the meaning of MCQ - Basic understanding of Tax System in India defined & explained in the simplest way possible. Besides explaining types of
MCQ - Basic understanding of Tax System in India theory, EduRev gives you an ample number of questions to practice MCQ - Basic understanding of Tax System in India tests, examples and also practice CA Foundation
tests
|
135 videos|190 docs|88 tests
|
Download as PDF
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
video lectures
,MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation
,Objective type Questions
,ppt
,MCQs
,Free
,Previous Year Questions with Solutions
,MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation
,shortcuts and tricks
,past year papers
,Extra Questions
,Sample Paper
,Semester Notes
,study material
,Viva Questions
,mock tests for examination
,MCQ - Basic understanding of Tax System in India | Business Economics for CA Foundation
,practice quizzes
,Exam
,Important questions
,Summary
;
Additional Information about MCQ - Basic understanding of Tax System in India for CA Foundation Preparation
MCQ - Basic understanding of Tax System in India Free PDF Download
The MCQ - Basic understanding of Tax System in India is an invaluable resource that delves deep into the core of the CA Foundation exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the MCQ - Basic understanding of Tax System in India now and kickstart your journey towards success in the CA Foundation exam.
Importance of MCQ - Basic understanding of Tax System in India
The importance of MCQ - Basic understanding of Tax System in India cannot be overstated, especially for CA Foundation aspirants.
This document holds the key to success in the CA Foundation exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
MCQ - Basic understanding of Tax System in India Notes
MCQ - Basic understanding of Tax System in India Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to MCQ - Basic understanding of Tax System in India.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, MCQ - Basic understanding of Tax System in India Notes on EduRev are your ultimate resource for success.
MCQ - Basic understanding of Tax System in India CA Foundation Questions
The "MCQ - Basic understanding of Tax System in India CA Foundation Questions" guide is a valuable resource for all aspiring students preparing for the
CA Foundation exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study MCQ - Basic understanding of Tax System in India on the App
Students of CA Foundation can study MCQ - Basic understanding of Tax System in India alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the MCQ - Basic understanding of Tax System in India,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of MCQ - Basic understanding of Tax System in India is prepared as per the latest CA Foundation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup