TEST SERIES - 52 (II)

Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution?

• Estate duty

• Sales Tax

• Taxes on Railway Fares and Freights

• Corporation Tax

Which of the following committees examined and suggested Financial Sector Reforms?

• Abid Hussain Committee

• Bhagwati Committee

• Chelliah Committee

• Narsimhan Committee

The ‘break-even point’ is where

• Marginal revenue equals marginal cost

• Average revenue equals average cost

• Total revenue equals total cost

• None of the above

The latest committee to submit its report on tax reforms is known as

• Kelkar Committee

• Chelliah Committee

• Narsimhan Committee

• Vaghul Committee

Which one of the following is not related with income from corporate sector in India?

• Fringe benefit tax

• Minimum alternative tax

• Tax on company profit

• Capital gains tax

Which one of the following sets of sources of revenue belongs to the Union Government alone?

• Gift tax, Holding tax

• Sales tax, Income tax

• Wealth tax, Land revenue

• Custom duties, Corporation tax

Which one of the following is not a function of Finance Commission in India?

• Devolution of Income Tax

• Devolution of Excise Duty

• Award of grants-in-aid

• Devolution of Trade Tax

Consider the following taxes: 1. Corporate tax 2. Customs duty 3. Wealth tax 4. Excise duty Which of these is/are indirect taxes?

• Only 1

• 2 and 4

• 1 and 3

• 2 and 3

Interest on public debt is a part of

• Transfer payments by the enterprises

• Transfer payments by the Government

• National Income

• Interest payment by house-holds

The Indian Income Tax is

• Direct and proportional

• Indirect and proportional

• Direct and progressive

• Indirect and progressive