Assertion (A) Revenue from indirect taxes was the major source of...

Home / Commerce / Income Tax And Corporate Tax / Question
Examveda
Examveda

Assertion (A): Revenue from indirect taxes was the major source of tax revenue till tax reforms were taken during nineties.
Reason (R): Traditionally India's tax regime relied heavily on indirect taxes including customs and excise.

A. Both (A) and (R) are correct, but (R) is not the correct explanation of (A)

B. (A) is correct, but (R) is not correct

C. Both (A) and (R) are correct and (R) is the correct explanation of (A)

D. Both (A) and (R) are incorrect

Answer: Option C


This Question Belongs to Commerce >> Income Tax And Corporate Tax

Join The Discussion

Related Questions on Income Tax and Corporate Tax

List out from the given statements the important ethical principles that a business should follow:
1. To take the necessary action for the development of the concerned industry or business
2. Pay taxes and discharge other obligations promptly
3. To ensure the best utilisation of the human resources
4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.
5. Ensure payment of fair wages and fair treatment of employees

A. 3, 4 and 5

B. 2, 4 and 5

C. 1, 2 and 3

D. 1, 3 and 5

  View Answer
  View Answer
  View Answer

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?

A. Both the Statements (I) and (II) are correct

B. Statement (I) is correct, but (II) is incorrect

C. Both Statements (I) and (II) are incorrect

D. Statement (II) is correct, but (I) is incorrect

  View Answer

Read More: MCQ Type Questions and Answers