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Question
Complete the correlation.
Personal Income tax : ______ :: Goods and service tax (GST) : Indirect tax.
Solution
Personal Income tax : Direct tax :: Goods and service tax (GST) : Indirect tax.
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RELATED QUESTIONS
Choose the correct option:
Non-tax sources of revenue:
a) Direct and Indirect Tax
b) Direct Tax and Fees
c) Fees
d) Special Levy
Identify the right group of pairs from the given options.
| Group A | Group B |
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
Distinguish between the following concept:
Direct tax and Indirect tax.
State with reason whether you agree or disagree with the following statement:
Fines and penalties are a major source of revenue for the Government.
Essential characteristics of a tax:
- It is a voluntary contribution to the government.
- Every citizen of the country is legally bound to pay the tax imposed upon him.
- Tax is imposed on income, property or commodities or services.
- The tax payer receives direct and proportionate benefits from the government in return for the tax.
Non tax revenue sources:
- Special assessment
- Fines and penalties
- Goods and Services tax
- Gifts, grants and donations
Income tax: Direct tax :: GST : ______.
Tax paid at the time of production or sale and purchase of a commodity or service −
Find the odd word
Non-tax revenue -
Identify & explain the concept from the given illustration.
Prakash paid an income tax of ₹ 62,000/- during the accounting year 2018-2019.
Explain any four non- tax sources of public revenue
Explain various sources of public revenue.
Identify the right group of pairs from the given options.
| i) | Direct tax | a) | Non tax revenue |
| ii) | Indirect tax | b) | Inflation |
| iii) | Fees and fines | c) | GST |
| iv) | Surplus Budget | d) | Personal income tax |
