Topics:
CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books
Direct Taxes
Direct taxes consist of taxes on:
- Commodities and goods
- Incomes of individuals and profits of business enterprises — Correct Answer
- Import and export of goods
- Sales of goods only
Explanation:
Correct Answer Explanation
Direct taxes consist of taxes on incomes of individuals and profits of business enterprises.
Key Points:
- Since 1991, continuous reduction in income tax rates.
- High rates were a reason for tax evasion.
- Moderate rates encourage savings and voluntary disclosure.
- Corporation tax has been gradually reduced.
📚 About this Topic — CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL
This multiple choice question is from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL, Indian Economic Development, NCERT Books. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-3: LIBERALISATION, PRIVATISATION AND GLOBALISATION: AN APPRAISAL to strengthen your preparation.
