Which of these is a Direct Tax? MCQ with Answer and Explanation

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Which of these is a Direct Tax?

A. Customs Duty

B. Excise Duty

C. Income Tax

D. Goods and Services Tax

Answer: Option C

Solution (By JKSSB Mock Tests)

Income tax is a direct tax because the liability and burden of the tax fall on the same individual.

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

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Question #1

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A: The Trial Balance is a statement, not an account. R: It is prepared to check the arithmetical accuracy of the ledger. Choose the correct option.

A. A is true but R is false

B. Both A and R are true but R is NOT the correct explanation of A

C. A is false but R is true

D. Both A and R are true and R is the correct explanation of A

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Correct Answer: Option B

Explanation:
The Trial Balance is indeed a statement of ledger balances, and its primary purpose is to check arithmetical accuracy. However, the fact that it is a statement does not explain why it checks accuracy; the double-entry system does.

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Question #2

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The 'Controller General of Accounts' (CGA) is under:

A. CAG

B. Ministry of Finance

C. NITI Aayog

D. RBI

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Correct Answer: Option B

Explanation:
CGA is the principal accounting advisor to the Government of India, functioning under Ministry of Finance.

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Question #3

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The 'Dispute Resolution Committee' (DRC) under Income Tax deals with:

A. Small taxpayers with returned income up to ₹50 lakh and disputed demand up to ₹10 lakh

B. Non-residents

C. All taxpayers

D. Large corporates

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Correct Answer: Option A

Explanation:
DRC facilitates resolution of disputes for eligible small taxpayers.

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

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