Paper IV: Statutory Compliance Quiz
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Questions and Answers

Which type of tax is directly imposed on individuals and organizations by the government?

  • State Goods and Services Tax (SGST)
  • Integrated Goods and Services Tax (IGST)
  • Union Territory Goods and Services Tax (UTGST)
  • Direct Taxes (correct)
  • What is the main purpose of the GST Council?

  • To oversee the implementation of Central Goods and Services Tax (CGST)
  • To recommend tax rates and exemptions under GST (correct)
  • To manage Union Territory Goods and Services Tax (UTGST)
  • To enforce State Goods and Services Tax (SGST)
  • What is the threshold for registration as a regular taxpayer under GST?

  • $50,000 turnover
  • $75,000 turnover
  • $150,000 turnover
  • $100,000 turnover (correct)
  • Which type of taxpayer can opt for the Composition Scheme under GST?

    <p>Small Businesses</p> Signup and view all the answers

    What is the main source of income exempted from tax under the head 'Capital Gains'?

    <p>Income from House Property</p> Signup and view all the answers

    Under which tax law does the exemption to EOU/SEZ fall?

    <p>Income Tax Act</p> Signup and view all the answers

    What is the assessment year used for in income tax regulations?

    <p>To calculate the tax liability of an individual or organization</p> Signup and view all the answers

    Who is responsible for the valuation of perquisites under the head 'Salary'?

    <p>The Employer</p> Signup and view all the answers

    What is the significance of understanding the background of the Indian Constitution in relation to taxation matters?

    <p>It establishes the power to levy and collect tax</p> Signup and view all the answers

    According to the passage, which of the following is a component of a Tax Invoice under GST?

    <p>Contents of Receipt Voucher</p> Signup and view all the answers

    In the context of Indian taxation, what is the consequence if any Act, Rule, Notification, or Government Order is found to be not according to the Constitution?

    <p>It is considered ultra vires the Constitution and thus illegal</p> Signup and view all the answers

    What is the foundation and source of power to all laws in India?

    <p>The Constitution of India</p> Signup and view all the answers

    According to the passage, what happens if any Act, Rule, Notification or Government Order is not according to the Constitution?

    <p>It is considered illegal and void</p> Signup and view all the answers

    What is the primary significance of the Constitution in relation to taxation matters?

    <p>It determines the allocation of Union and State powers</p> Signup and view all the answers

    What type of structure does India's Constitution generally follow?

    <p>British pattern</p> Signup and view all the answers

    What would make an Act, Rule or Notification illegal and void according to the passage?

    <p>Becoming ultra vires the Constitution</p> Signup and view all the answers

    What happens if any Act, Rule, Notification or Government Order is found not according to the Indian Constitution?

    <p>It is illegal and void</p> Signup and view all the answers

    What is necessary in order to understand and appreciate the statutes enacted under Indian Constitution according to the passage?

    <p>Understanding the background of Indian Constitution</p> Signup and view all the answers

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