Economy

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6 questions

2025 · Question 5 · Taxation
Consider the following statements : Statement I : In India, income from allied agricultural activities like poultry farming and wool rearing in rural areas is exempted from any tax. Statement II : In India, rural agricultural land is not considered a capital asset under the provisions of the Income-tax Act, 1961. Which one of the following is correct in respect of the above statements?
Choose your answer(a)Both Statement I and Statement II are correct and Statement II explains Statement I(b)Both Statement I and Statement II are correct but Statement II does not explain Statement I(c)Statement I is correct but Statement II is not correct(d)Statement I is not correct but Statement II is correct
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)
2022 · Question 8 · Taxation
Which one of the following situations best reflects “Indirect Transfers” often talked about in media recently with reference to India ?
Choose your answer(a)An Indian company investing in a foreign enterprise and paying taxes to the foreign country on the profits arising out of its investment(b)A foreign company investing in India and paying taxes to the country of its base on the profits arising out of its investment(c)An Indian company purchases tangible assets in a foreign country and sells such assets after their value increases and transfers the proceeds to India(d)A foreign company transfers shares and such shares derive their substantial value from assets located in India
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)
2018 · Question 8 · Taxation
With reference to India’s decision to levy an equalization tax of 6% on online advertisement services offered by non-resident entities, which of the following statements is/are correct ? 1. It is introduced as a part of the Income Tax Act. 2. Non-resident entities that offer advertisement services in India can claim a tax credit in their home country under the “Double Taxation Avoidance Agreements”. Select the correct answer using the code given below :
Choose your answer(a)1 only(b)2 only(c)Both 1 and 2(d)Neither 1 nor 2
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)
2018 · Question 97 · Taxation
Consider the following items : 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspapers containing advertising material Which of the above items is/are exempted under GST (Goods and Services Tax) ?
Choose your answer(a)1 only(b)2 and 3 only(c)1, 2 and 4 only(d)1, 2, 3 and 4
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)
2017 · Question 81 · Taxation
What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’ ? 1. It will replace multiple taxes collected by multiple authorities and will thus create a single market in India. 2. It will drastically reduce the ‘Current Account Deficit’ of India and will enable it to increase its foreign exchange reserves. 3. It will enormously increase the growth and size of economy of India and will enable it to overtake China in the near future. Select the correct answer using the code given below :
Choose your answer(a)1 only(b)2 and 3 only(c)1 and 3 only(d)1, 2 and 3
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)
2016 · Question 60 · Taxation
The term ‘Base Erosion and Profit Shifting’ is sometimes seen in the news in the context of
Choose your answer(a)mining operation by multinational companies in resource-rich but backward areas(b)curbing of the tax evasion by multinational companies(c)exploitation of genetic resources of a country by multinational companies(d)lack of consideration of environmental costs in the planning and implementation of developmental projects
Source: UPSC, Civil Services (Preliminary), General Studies Paper I (opens in a new tab)

Which one of the following situations best reflects “Indirect Transfers” often talked about in media recently with reference to India ?

Consider the following items : 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspapers containing advertising material Which of the above items is/are exempted under GST (Goods and Services Tax) ?

The term ‘Base Erosion and Profit Shifting’ is sometimes seen in the news in the context of