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Chapter 1: Basic Concepts of Taxation

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Questions and Answers

Which of the following is a direct tax according to the text?

Tax on Undisclosed Foreign Income and Assets
Custom Duty
Goods and Services Tax (GST)
Incometax (correct)

What is the purpose of levying taxes according to the text?

To discourage economic growth
To meet the common welfare expenditure of the society (correct)
To create a burden for individuals
To impose hardships on taxpayers

What does Article 366(28) of the Constitution of India define as taxation?

Only indirect taxes
Levying of any kind of tax
Only direct taxes
Imposition of any tax or impost (correct)

What is the main difference between direct and indirect taxes according to the text?

Direct taxes cannot be recovered from someone else, while indirect taxes can be shifted to another person (A) Signup and view all the answers

What is the reason for the levy of taxes according to the text?

To meet the expenses of the Government like defense, education, health-care, and infrastructure facilities (A) Signup and view all the answers

Which type of tax is levied directly on individuals or entities?

Income Tax (C) Signup and view all the answers

What is the main purpose of computing total income for the purpose of levy of income tax?

To ensure compliance with tax regulations (D) Signup and view all the answers

In the context of the Income-tax Act, 1961, what is an important term used to define income chargeable to tax?

Agricultural Income (D) Signup and view all the answers

What does the term 'assessment year' refer to in the context of computing income chargeable to tax?

The year following the previous year for which income is assessed to tax (C) Signup and view all the answers

What is the main reason for distinguishing between agricultural and nonagricultural operations in computing income for tax purposes?

To identify the scope of agricultural income chargeable to tax (B) Signup and view all the answers

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