Ibps Clerk Interview Most Important Questions on Tax

Ibps Clerk Interview Important Questions

Monetary Policy asked in coaching centres Ibps Clerk Interview and other areas Monetary Policy Custom Duty Excise Duty Service Tax Balance on current account Direct Taxes Corporate Tax, Personal Income Tax, Securities Transaction Tax, Banking Cash Transaction Tax, and the Fringe Benefit Tax Sales Tax, Service Tax, Custom and Excise Duties, VAT and Anti-Dumping Duties Bank rate

 Q:Monetary Policy ?

The actions taken by Reserve Bank of India, which is the monetary authority, to control the economy is collectively called Monetary Policy. Time to time RBI makes changes in the various rates like CRR, Repo Rate, Reverse Repo Rate, SLR etc. to maintain the supply of money that is liquidity in the system.

Q:Custom Duty ?

The custom duty in India is regulated by Customs Act of 1962. This duty is imposed on the imported and exported goods in the country. This duty is one of the most important duty because it hampers illegal import and export of goods

Q:Excise Duty ?

According to Central Excise act 1944 and the Central Excise Tariff Act 1985, every manufacturer of the goods in the country has to pay Excise duty. Most of the products attract 16% excise duty But in case of some products it more than that.

Q:What is Service Tax?

Service tax is tax paid on the services provided in the country. According to Finance Act 1994, all service provider of the country except in the Jammu and Kashmir have to pay service tax. This tax comes under Indirect Tax. Currently 10% tax is surcharged as service tax.

Q:Direct Taxes ?

As the name suggests Direct tax means the tax which is directly paid to the government by individuals and the companies.

Q:What is Balance on current account ?

A country's receipts minus payments for current account transactions. Equals the balance of trade plus net inflows of transfer payments

Q:What is Balance of Payments?

A list, or accounting, of all of a country's international transactions for a given time period, usually one year. Payments into the country (receipts) are entered as positive numbers, called credits; payments out of the country (payments) are entered as negative numbers called debits. A single number summarizing all of a country's international transactions: the balance of payments surplus

Ex: Corporate Tax, Personal Income Tax, Securities Transaction Tax, Banking Cash Transaction Tax, and the Fringe Benefit Tax

Q:Indirect Taxes ?

As the name suggests Indirect Taxes are those taxes which are paid indirectly to government by the individuals or the companies.

Ex: Sales Tax, Service Tax, Custom and Excise Duties, VAT and Anti-Dumping Duties

Q:What is the main use of SLR?

SLR is used to control inflation and propel growth. Through SLR rate tuning the money supply in the system can be controlled efficiently

Q:What is a Bank rate ?

The interest rate charged by a central bank to commercial banks for very short term loans.