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

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Which of the following is a direct tax in India?

A. Corporate tax

B. Excise duty on liquor

C. Goods and Services Tax

D. Customs duty

Answer: Option A

Solution (By JKSSB Mock Tests)

Corporate tax is levied directly on company profits, thus a direct tax.

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

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Question #1

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To ascertain profit under the Single Entry System (Statement of Affairs method), closing capital is compared with:

A. Total Liabilities

B. Cash Balance

C. Opening Capital

D. Total Assets

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Correct Answer: Option C

Explanation:
Profit or loss is determined by comparing the capital at the end of the year with the capital at the beginning, adjusted for drawings and fresh capital.

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Question #2

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The 'Contingency Fund' of India is used for:

A. Unforeseen expenditure pending authorization by Parliament

B. Defense expenditure

C. Interest payments

D. Routine government expenses

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Correct Answer: Option A

Explanation:
Contingency Fund is at the disposal of the President to meet urgent unforeseen expenditure.

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Question #3

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The 'Place of Supply' rules under GST determine:

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

B. The value of supply

C. The tax rate

D. Exemption

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Correct Answer: Option A

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

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

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