Question
Which of the following best describes a progressive tax
system?Solution
A progressive tax system is designed to place a higher tax burden on individuals or entities with greater ability to pay. As income increases, so does the tax rate. This system aims to promote economic equity and reduce income inequality. • For example, India follows a progressive slab system under the Income-tax Act, 1961, where taxpayers are grouped into slabs and taxed at increasing rates (e.g., 5%, 10%, 20%, 30%) based on income levels. Options A and D describe proportional (flat) taxation. Option C partially describes exemptions, not the system itself. Option E refers to corporate taxation, not progressivity.
Nothing is an offence which is done by a child under ……. Of age
No company limited by shares shall, after the commencement of the Companies Act, 2013 issue any preference shares which are __________________
The title of Section 6 of the Central Vigilance Commission Act, 2003 is:
As per Section 8A(1)(b), one of the actions the Commission may take is:
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According to Section 6 of the BNSS, 2023, which of the following is not a class of Criminal Court in every State?
A cyber criminal used an intermediate server located outside India to access and modify data in an Indian government agency's computer system. The modi...
According to the Code on Social Security, 2020 Employees’ State Insurance Corporation shall consist of ___________________
Section 8 of the Banking Regulation Act, 1949 prohibits a banking company from doing which of the following?
Facts, not otherwise relevant, are relevant if they________________ opinions of experts, when such opinions are relevant.
