Which of the following is a direct tax? MCQ with Answer and Explanation

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Which of the following is a direct tax?

A. Income tax

B. GST

C. Customs duty

D. Excise duty

Answer: Option A

Solution (By JKSSB Mock Tests)

Income tax is a direct tax as the burden falls directly on the taxpayer. GST, excise, customs are indirect taxes.

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

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Question #1

The concept of 'Going Concern' assumes that:

A. The business will be liquidated soon

B. The business will continue operations indefinitely

C. Profits are not important

D. The business is not viable

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Correct Answer: Option B

Explanation:
Going concern concept assumes that the enterprise will continue in operation for the foreseeable future, and has no intention to liquidate.

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Question #2

The 'Penalty' for not issuing a GST invoice is:

A. Fixed amount

B. No penalty

C. 25% of tax

D. 100% of tax due or ₹10,000, whichever is higher

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Correct Answer: Option D

Explanation:
Section 122 provides penalty of ₹10,000 or tax amount, whichever higher, for not issuing invoice.

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Question #3

The 'Tax Collected at Source' (TCS) applies to:

A. Certain specified transactions like sale of scrap, motor vehicles above ₹10 lakh, etc.

B. Salary payments

C. Dividends

D. All payments

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Correct Answer: Option A

Explanation:
TCS is collected by seller from buyer on specified goods.

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