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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
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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.
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