2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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13
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62
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41
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55
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Detailed explanation-1: -The Central Board of Direct Taxes (CBDT) has entered into 62 Advance Pricing Agreements (APA) in FY 2021-22 with Indian taxpayers. This includes 13 Bilateral APAs (consequent to Mutual Agreement between India and its treaty partners) and 49 Unilateral APAs.
Detailed explanation-2: -As of June 2022, the number of entities liable to pay the goods and services tax in India under the “normal taxpayer” category consisted more than 11.9 million taxpayers.
Detailed explanation-3: -An APA is an agreement between a tax payer and tax authority determining the transfer pricing methodology for pricing the tax payer’s international transactions for future years.
Detailed explanation-4: -Of course the major expenditure of Government has to be incurred on National Defence, Infrastructure Developments etc. Taxes are used by the government for carrying out various welfare schemes including employment programmes.