1.
The Goods and Services Tax (GST) is administered by which body in India?
A
Reserve Bank of India
B
Ministry of Commerce
C
Central Board of Indirect Taxes and Customs (CBIC)
D
Ministry of Finance
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42 practice sets · Page 1 of 3
The Goods and Services Tax (GST) is administered by which body in India?
Reserve Bank of India
Ministry of Commerce
Central Board of Indirect Taxes and Customs (CBIC)
Ministry of Finance
A company is liable to pay corporate tax if its total income exceeds:
Rs. 1 crore
Rs. 2 lakh
Rs. 5 lakh
Rs. 10 lakh
Which of the following is a type of income exempt from tax under section 10 of the Income Tax Act?
Salary
Agricultural income
Capital gains
Business income
Under which section of the Income Tax Act, 1961, is corporate tax levied?
Section 10
Section 115B
Section 143
Section 115JB
In India, which organization is responsible for the administration of income tax laws?
Ministry of Finance
Reserve Bank of India
Central Board of Indirect Taxes and Customs (CBIC)
Income Tax Department
A company must file its GST return by which date every month?
15th
10th
20th
30th
Which of the following is not a taxable event under GST?
Sale of agricultural products
Sale of goods
Import of goods
Export of goods
What does "Tax Deducted at Source" (TDS) mean?
Tax collected directly by the government
Tax paid by the taxpayer on behalf of the government
Tax paid by the employer on behalf of the employee
Tax withheld by the payer while making payments
Which of the following is a form of indirect tax?
Property Tax
Income Tax
Corporate Tax
Goods and Services Tax (GST)
What is the tax rate for short-term capital gains under section 111A of the Income Tax Act for listed equity shares?
30%
10%
15%
20%
Which of the following taxes is imposed on the sale of goods?
Stamp Duty
Income Tax
VAT
Excise Duty
A company can file an appeal to the Commissioner of Income Tax (Appeals) within how many days from the date of the assessment order?
90 days
15 days
30 days
60 days
What is the corporate tax rate for an Indian company with a turnover of up to Rs. 400 crore for FY 2023-24?
25%
22%
18%
30%
Corporate Tax is calculated based on the:
Turnover of the company
Profit earned by the company
Value of shares
Total assets of the company
Under the GST regime, which of the following is exempt from tax?
Education services
Hotel accommodation above Rs. 5,000
Taxable services provided by banks
Restaurant services
Which of the following is true about "Minimum Alternate Tax" (MAT)?
It is applicable only to foreign companies
It applies when a company pays no tax due to exemptions
It applies to all companies without exception
It is a form of indirect tax
The concept of "Double Taxation" refers to:
Paying tax twice on the same income in different countries
Paying tax on goods and services
Paying tax for both direct and indirect taxes
Paying tax twice within the same year
What is the term for income that is excluded from taxable income under the Income Tax Act, 1961?
Gross income
Exempt income
Net income
Taxable income
Which of the following is an example of tax avoidance?
Underreporting income to reduce tax
Taking advantage of tax loopholes
Not paying taxes at all
Tax evasion
What is the tax rate for a domestic company with an annual turnover of up to Rs. 400 crores under the Income Tax Act, 1961?
15%
22%
30%
25%