Question : Among the tax revenues of the Union Government, the most important source is:
Option 1: income tax
Option 2: customs duty
Option 3: corporation tax
Option 4: union excise duties
Correct Answer: union excise duties
Solution : The correct option is corporation tax.
Corporation tax is the main source of revenue for the Union government. It is a tax levied against limited firms and other organisations like associations, clubs, and unorganised enterprises that have taxable earnings.
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Question : Which of the following sets belongs to central tax?
Option 1: Excise duty, Sales tax, and Customs duty
Option 2: Excise duty, Customs duty, and Income tax
Option 3: Income tax, Customs duty, and House tax
Option 4: Customs duty, Entertainment tax, and Income tax
Question : Which of the following is an indirect tax?
Option 1: Capital gains tax
Option 2: Excise duty
Option 3: Wealth tax
Option 4: Estate duty
Question : Which of the following taxes is proportional in nature?
Option 1: Capital Gains Tax
Option 2: Income Tax
Option 3: Corporation Tax
Option 4: Goods and Services Tax
Question : Which of the following is a source of tax revenue?
Option 1: Penalties
Option 2: Customs
Option 3: Profits
Option 4: Grants
Question : The liability to pay the tax and the actual burden of which of the following taxes lie on two different persons?
Option 1: Corporation tax
Option 2: Income tax
Option 3: Capital gains tax
Option 4: Goods and services tax
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