Income Tax Return Form ITR-4 'Sugam' is designed for individuals and Hindu Undivided Families (HUFs) who have opted for the presumptive income scheme under Section 44AD, 44ADA, and 44AE of the Income Tax Act, which is typically applicable to small businesses and certain professionals.
It was an additional cess on the value of taxable services, over and above the standard service tax rate at the time. 341. The newly introduced income tax return form 'Sugam' is for
Asked in GPSC Prelims CSP 2 2017 · Topic: Fiscal Policy & Revenue (Taxation System in India: Direct, Indirect taxes, and Tax Reforms (including GST))
More Economic Development questions
- Which of the following statements are correct? GST on electric vehicles has been reduced from 12% to 5% in the year 2019. GST has been reduced from 18% to 5% on electric vehicle chargers. The GST rate for these items has been slashed to 0%: sanitary napkins, raw material for broom, Rakhi, marble deities.
- Which of the following statements are true regarding capital gain tax? 1. Capital gain is the profit realised when an investment is sold for a higher price than original purchase price. 2. Capital gains taxes are only triggered when an asset is realized. Not while it is held by an investor. 3. Normally if an asset is held for less than 24 months, any gain arising from selling, it is treated as a short-term capital gain.
- Aayakar Setu which is seen in the news is:
- Which of the following statements are correct regarding Financial Bill and Appropriation Bill 2019? 1. Government imposed 2 rupees cess on petrol and diesel per litre 2. 2% TDS (Tax Deducted at Source) on cash withdrawal of more than Rs. 1 crore from banks 3. Corporate Tax was brought down from 50% to 35%
- When the ratio of indirect taxes to total taxation revenue is very high it leads to ______. 1. Rise in the price level 2. Higher taxation burden on the rich 3. Higher taxation burden on the poor 4. Fall in tax revenues.
- Rise in the price level Indirect taxes are levied on the production, sale, or consumption of goods and services. These taxes are typically passed on to the consumer in the form of higher prices. Therefore, a high reliance on indirect taxes contributes to inflation. (Correct) 2. Higher taxation burden on the rich Indirect taxes are generally regressive. This means they constitute a larger proportion of the income of poorer households than richer households because poorer households spend a larger proportion of their income on goods and services subjected to these taxes. Direct taxes (like income tax) are typically progressive (higher burden on the rich). Thus, a high share of indirect taxes means a relatively lower burden on the rich compared to a system relying more on progressive direct taxes. (Incorrect) 3. Higher taxation burden on the poor As explained above, indirect taxes are regressive, placing a disproportionately higher burden on lower-income groups relative to their income. (Correct) 4. Fall in tax revenues A high ratio of indirect taxes does not automatically lead to a fall in total tax revenues. The total revenue depends on the overall tax base, rates, and compliance. It primarily affects the distribution of the tax burden and the composition of tax revenue. (Incorrect) 347. Which of the following pairs is INCORRECTLY matched?
- Which of the following statements are correct regarding Goods and Services Tax in India? 1. Businesses and individuals supplying goods can claim GST exemption if their aggregate turnover is less than INR 40 lakhs in a financial year. 2. For hilly and northeastern states, the new GST exemption limit for goods suppliers is Rs. 20 lakhs. 3. The GST exemption for businesses engaged in supply of services has remained at Rs. 10 lakhs for hilly and northeastern states
- Which of the following statements is wrong about Goods and Services Tax?