Question : Which of the following is an example of direct tax?
Option 1: Escheat
Option 2: Income Tax
Option 3: Custom Duty
Option 4: Goods and Services Tax
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Correct Answer: Income Tax
Solution : The correct option is Income Tax.
It is a tax imposed on individuals or entities in respect of the income or profits earned by them. In India, income tax, corporation tax, property tax, and gift tax are the most prevalent types of direct taxes. Furthermore, the ability of a person or entity to pay is the basis for direct taxation in India.
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Question : CENVAT is related to which of the following?
Option 1: Sales tax
Option 2: Excise duty
Option 3: Custom duty
Option 4: Service tax
Question : Which of the following is not one of the questions every society needs to answer?
Option 1: How should the goods be distributed?
Option 2: How should goods be produced?
Option 3: What goods and services to produce?
Option 4: How should the goods be exchanged?
Question : Which of the following pairs of goods is an example for joint supply ?
Option 1: Coffee and tea
Option 2: Ink and Pen .
Option 3: Tooth brush and Paste .
Option 4: Wool and Mutton.
Question : Which of the following colloids is an example of foam?
Option 1: Sponge
Option 2: Butter
Option 3: Cheese
Option 4: Mist
Question : _____________ is the income of the government, which arises out of the property left by the people without a legal heir.
Option 2: Moot
Option 3: Felony
Option 4: Lien
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