S1: Income Tax is a direct tax. S2: Income Tax is levied by the State Governments in India. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: Income Tax is a direct tax. S2: Income Tax is levied by the State Governments in India. Which statement(s) is/are correct?
A. S1 only
B. Both S1 and S2
C. Neither S1 nor S2
D. S2 only
Answer: Option A
Solution (By JKSSB Mock Tests)
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.
Explanation:
The money measurement concept states that only those transactions which can be expressed in monetary terms are recorded in the books of accounts.
No comments yet. Be the first to start the discussion!