Multi-choice 8 Question 1. Which of the following pairs’ terms are positively correlated to each other? Answers Option 1 Money Laundering – Terror financing Option 2 Unaccounted money – Black money Option 3 Tax gap in corporate sector- Black money Option 4 All of the above Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 2. Government of India has taken certain steps to control the expansion of black money Set up a Supreme court monitored Special Investigation Team Regeneration of tax treaties with tax haven countries Crackdown on Shell companies Penalty on real estate transaction exceeding ₹20,000 Cash donation to political parties restricted to ₹2,000 Answers Option 1 I, II and IV Option 2 I, II and III Option 3 III and IV Option 4 All of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 3. FATCA is an effective tool to control black income in which country ? Answers Option 1 UK Option 2 USA Option 3 Italy Option 4 Egypt Feedback Wrong choice Correct option Incorrect option Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 4. Government of India has taken following initiatives to unearth black money. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force on May 27, 2015 Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 Answers Option 1 Only I Option 2 Only II Option 3 I and II both Option 4 Neither I nor II Feedback Incorrect option Wrong choice Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 5. A NIPFP study suggested a four point action plan to curb the generation of unaccounted income in real estate sector. Which of the following is not among them? Answers Option 1 The ITD should create its own system of notifying area rates of urban immoveable properties, Option 2 The Income Tax Act (ITA) should be amended to provide that the value mentioned in the area rates should be deemed to be the transfer value for taxation purposes in cases where the transfer of property has taken place at a lower value. Option 3 The difference between the area rate of a property and the actual consideration received for the transfer should be treated as income of the purchaser under the law. Option 4 Establishment of Directorate General of Income Tax (Exemptions) (DGITE) Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 6. Which of the following is/are regarded as the safe hideouts of unaccounted wealth in India? Answers Option 1 Gold, Silver and diamonds Option 2 Real Estate Option 3 (A) and (B) both Option 4 Neither (A) nor (B) Feedback Incorrect option Wrong choice Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 7. A study report of National Institute of Public Finance and Policy has identified certain sectors as the key sources of unaccounted income? Professionals Education Health Mining Marketing of petroleum products Answers Option 1 I and V Only Option 2 I, IV and V Only Option 3 II and III only Option 4 All of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 8. Which of the following scheme has not been started with an objective of unearthing the black money? Pradhan Mantri Garib Kalyan Deposit Yojana Demonetisation of 500 and 1000 Income Declaration Scheme Voluntary Income Disclosure Scheme Answers Option 1 Only I Option 2 I and II Option 3 All of these Option 4 None of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 9. Who among the following is associated with the theory of optional taxation ? Answers Option 1 G. Mankind Option 2 H. Dalton Option 3 R. A. Musgrave Option 4 U.K. Hicks Feedback Correct option Wrong choice Incorrect option Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Question 10. Agriculture income in India is Answers Option 1 Taxable Option 2 Not Taxable Option 3 Taxable with certain riders Option 4 Nothing is specific Feedback Wrong choice Incorrect option Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback)
Multi-choice 8 Question 1. Which of the following pairs’ terms are positively correlated to each other? Answers Option 1 Money Laundering – Terror financing Option 2 Unaccounted money – Black money Option 3 Tax gap in corporate sector- Black money Option 4 All of the above Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 2. Government of India has taken certain steps to control the expansion of black money Set up a Supreme court monitored Special Investigation Team Regeneration of tax treaties with tax haven countries Crackdown on Shell companies Penalty on real estate transaction exceeding ₹20,000 Cash donation to political parties restricted to ₹2,000 Answers Option 1 I, II and IV Option 2 I, II and III Option 3 III and IV Option 4 All of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 3. FATCA is an effective tool to control black income in which country ? Answers Option 1 UK Option 2 USA Option 3 Italy Option 4 Egypt Feedback Wrong choice Correct option Incorrect option Wrong choice Solution Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Question 4. Government of India has taken following initiatives to unearth black money. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force on May 27, 2015 Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 Answers Option 1 Only I Option 2 Only II Option 3 I and II both Option 4 Neither I nor II Feedback Incorrect option Wrong choice Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 5. A NIPFP study suggested a four point action plan to curb the generation of unaccounted income in real estate sector. Which of the following is not among them? Answers Option 1 The ITD should create its own system of notifying area rates of urban immoveable properties, Option 2 The Income Tax Act (ITA) should be amended to provide that the value mentioned in the area rates should be deemed to be the transfer value for taxation purposes in cases where the transfer of property has taken place at a lower value. Option 3 The difference between the area rate of a property and the actual consideration received for the transfer should be treated as income of the purchaser under the law. Option 4 Establishment of Directorate General of Income Tax (Exemptions) (DGITE) Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 6. Which of the following is/are regarded as the safe hideouts of unaccounted wealth in India? Answers Option 1 Gold, Silver and diamonds Option 2 Real Estate Option 3 (A) and (B) both Option 4 Neither (A) nor (B) Feedback Incorrect option Wrong choice Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback) Question 7. A study report of National Institute of Public Finance and Policy has identified certain sectors as the key sources of unaccounted income? Professionals Education Health Mining Marketing of petroleum products Answers Option 1 I and V Only Option 2 I, IV and V Only Option 3 II and III only Option 4 All of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 8. Which of the following scheme has not been started with an objective of unearthing the black money? Pradhan Mantri Garib Kalyan Deposit Yojana Demonetisation of 500 and 1000 Income Declaration Scheme Voluntary Income Disclosure Scheme Answers Option 1 Only I Option 2 I and II Option 3 All of these Option 4 None of these Feedback Wrong choice Incorrect option Wrong choice Correct option Solution Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Question 9. Who among the following is associated with the theory of optional taxation ? Answers Option 1 G. Mankind Option 2 H. Dalton Option 3 R. A. Musgrave Option 4 U.K. Hicks Feedback Correct option Wrong choice Incorrect option Wrong choice Solution Correct Option (Feedback) Wrong (Feedback) Wrong (Feedback) Wrong (Feedback) Question 10. Agriculture income in India is Answers Option 1 Taxable Option 2 Not Taxable Option 3 Taxable with certain riders Option 4 Nothing is specific Feedback Wrong choice Incorrect option Correct option Wrong choice Solution Wrong (Feedback) Wrong (Feedback) Correct Option (Feedback) Wrong (Feedback)
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