A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in: MCQ with Answer and Explanation

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A tax levied on a person based on their net wealth was the Wealth Tax. In India, Wealth Tax was abolished in:

A. 1991

B. 2015

C. 2005

D. 2017

Answer: Option B

Solution (By JKSSB Mock Tests)

Wealth tax was abolished in the Union Budget of 2015-16, replaced by an additional surcharge on the super-rich.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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The 'Place of Supply' rules under GST determine:

A. The tax rate

B. Whether supply is intra-state or inter-state

C. Exemption

D. The value of supply

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Correct Answer: Option B

Explanation:
Place of supply determines whether IGST or CGST+SGST applies.

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Question #2

Under the Income Tax Act, the 'TDS' on payment of rent for land, building, or furniture exceeding ₹2,40,000 per annum is governed by which section, and what is the rate?

A. Section 194J at 10%

B. Section 194I at 10%

C. Section 194C at 2%

D. Section 194I at 2%

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Correct Answer: Option B

Explanation:
Section 194I(b) mandates TDS at 10% on rent paid for the use of land, building, or furniture, provided the rent exceeds ₹2,40,000 in a financial year.

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Question #3

The primary regulator of Mutual Funds in India is:

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C. IRDAI

D. SEBI

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Correct Answer: Option D

Explanation:
The Securities and Exchange Board of India (SEBI) regulates all capital market entities, including mutual funds.

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