BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Income Tax
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Education Cess
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Service Tax
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Toll Tax
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Detailed explanation-1: -Detailed Solution. The correct answer is Toll Tax.
Detailed explanation-2: -The correct answer is Excise Tax. Excise tax is not levied by the Union Government.
Detailed explanation-3: -The taxation system in India empowers the state governments to levy income tax on agricultural income, professional tax, value added tax (VAT), state excise duty, land revenue and stamp duty.
Detailed explanation-4: -The direct tax includes income tax, gift tax, capital gain tax, etc while indirect tax includes value-added tax, service tax, goods and services tax, customs duty, etc. The Central Government of India imposes taxes such as customs duty, central excise duty, income tax, and service tax.
Detailed explanation-5: -Detailed Solution. The correct answer is MAT. Minimum Alternate Tax (MAT) is a provision in direct tax laws.