1) Government has appointed Justice RV Easwar committee -
a. To simplify income tax laws
b. To ease GST implementation
c. To clear ambiguties about MAT
d. To help the states to abolish LBT
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Answer
Explanation
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ANSWER: To simplify income tax laws
Explanation:
- Govrnment has formed nine-member panel under former Delhi High Court judge to simplify income tax laws
- The committee comprises of VK Bhasin, former law secretary; Vinod Jain, Chartered Accountant; Rajiv Memani, Consultant; Ravi Gupta, Senior Advocate; Mukesh Patel, Tax Advocate; Ajay Bahl, Consultant; Pradip P Shah, Investment Adviser; Arvind Modi, IRS; Vinay Kumar Singh, IRS.
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2) Consider the following statements
1. Service Tax is an indirect tax.
2. It is levied by the central government.
3. All service providers of the country except in J&K have to pay service tax.
4. Only restaurants and eating places that have air-conditioning can charge service tax on only 40% of the amount charged.
Which of the above statements are true?
a. 1,2,3
b. 2,3,4
c. 1,3,4
d. All of the above
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Answer
Explanation
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ANSWER: All of the above
Explanation:
No explanation is available for this question!
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3) Which of the following statements are true?
1. VAT has been implemented in all the states & union territories of India
2. It replaced General Sales Tax
3. Haryana became the first State in the country that had adopted VAT
a. 1,2
b. 2,3
c. 1,3
d. All
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Answer
Explanation
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ANSWER: All
Explanation:
Sales tax is a State subject, the Central Government has been playing the role of a facilitator for successful implementation of VAT.
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4) Consider the following statements
1. The Finance Act gives effect to financial proposals at the beginning of every Financial Year
2. The Finance Act for a particular financial year also includes the amendments that have been made with respect to Direct Taxes.
Which of the above statements is/are correct?
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: Both
Explanation:
No explanation is available for this question!
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5) Consider the following statements
1. India shifted to constant prices to take into account gross value addition in goods and services as well as indirect taxes from factor cost
2. The base year has been shifted to 2012-13 from 2004-05
Which of the above statements are correct?
a. Only 1
b. Only 2
c. Both
d. None
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Answer
Explanation
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ANSWER: Only 1
Explanation:
The GDP growth in 2010-11 was calculated based on factor cost which has now been changed to constant prices to take into account gross value addition in goods and services as well as indirect taxes. Besides, the base year has been shifted to 2011-12 from 2004-05 earlier.
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