March 31 marks the end of the financial year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
March 31 marks the end of the financial year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
March 31 marks the end of the financial year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
1, In the 1958–59 financial year, Jawaharlal Nehru became the first Prime Minister to present the Union Budget while serving as the Union Finance Minister. The budget introduced a tax of more than ₹50,000 on goods received ‘in the form of cash, draft, check or otherwise’ not linked to the recipient by blood. Name the tax which was later repealed in 1998.
2, Through the foreign earned income exclusion provision, U.S. citizens and green card holders who live and work outside the U.S. can exclude part or all of their foreign earned income from U.S. tax. What profession do you live outside the US for a long time, and why?
answer :
Astronauts cannot claim this provision because they do not technically live or work ‘abroad’.
3, This famous Mughal emperor abolished the religious tax ‘Jaziya’ in 1579. One hundred years later, it was revived by another Mughal emperor (pictured in the beginning). Name the two leaders.
answer :
Akbar ended it, while Aurangzeb resumed it
4, This tax was imposed by the Kingdom of Travancore in the early 19th century on the Nadar, Ezhavar and lower caste communities. According to the village legend of Nangeli, an Ezhava woman from Cherthala cut off a part of her body in protest of the tax. Then he buried his severed limb in a plant leaf and presented it to the collector before dying of blood loss. Which tax was she opposing?
5, In the 1700s, Great Britain began taxing bricks during the reign of King George III. In response, manufacturers began to use a type of brick called ‘jamb’ or ‘gob’ to reduce the impact of taxes. The tax was eventually repealed in 1850 as it was considered detrimental to industrial development. How were Jumb and Gob bricks different from regular bricks?
answer :
Jumb or gob bricks were double-sized bricks intended to reduce the tax burden, which was levied for every thousand bricks used.
6, Chauth and Sardeshmukhi were two types of taxes collected in India by the Maratha Empire. They were introduced as part of the taxation system under which Maratha ruler?
answer :
Chhatrapati Shivaji
7, The slogan originated in the American Revolution, and expressed a major grievance of the American colonists against Great Britain. The colonists believed that since they were not represented in the British Parliament, any tax imposed on the colonists was unconstitutional. Identify the slogan.
