March 31st marks the end of the fiscal year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
March 31st marks the end of the fiscal year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
March 31st marks the end of the fiscal year and is an important date for taxpayers in India. Here is a quiz on taxes in India and abroad.
1. In fiscal year 1958-59, Jawaharlal Nehru was the first prime minister to present the Union budget while also serving as Union finance minister. The Budget introduced a tax on items received “in the form of cash, drafts, checks or otherwise” in excess of £50,000 from someone not related by blood to the recipient. Name this tax, which was abolished in 1998.
2. The Foreign Earned Income Exclusion provision allows US citizens and green card holders who live and work outside the US to exempt some or all of their foreign earned income from US tax. This provision cannot be invoked by US citizens who belong to a specific profession and live outside the US for a long period of time What profession and why?
Reply :
Astronauts cannot claim this provision because they do not technically live or work abroad.
3. This famous Mughal emperor abolished the religious tax “jizya” in 1579. A hundred years later it was revived by another Mughal Emperor (pictured above). Name both leaders.
Reply :
Akbar abolished it while Aurangzeb reintroduced it
4. This tax was imposed on the Nadars, Ezhavars and lower caste communities by the Kingdom of Travancore in the early 19th century. According to Nangeli village legend, an Ezhava woman from Cherthala severed part of her body to protest the tax. She then presented the tax collector with her severed organ in a plantain leaf before dying of blood loss. What tax was she protesting against?
5. In the 1700s, under the reign of King George III, Britain began taxing bricks. In response, manufacturers began using a type of brick known as a “jumb” or “gob” to mitigate the effects of the taxes. The tax was eventually revoked in 1850 as it was seen as detrimental to industrial development. How did jumb and gob bricks differ from regular bricks?
Reply :
Jumb or gob bricks were double-sized bricks designed to reduce the burden of the tax levied on every thousand bricks used
6. Chauth and Sardeshmukhi were two types of taxes levied in India by the Maratha Empire. They were introduced as part of the tax system under which Maratha ruler?
Reply :
Chhatrapati Shivaji
7. This slogan originated in the American Revolution and expressed a central grievance against Britain by the American colonists. The colonists believed that any tax imposed on the colonists was unconstitutional as they had no representation in the British Parliament. Identify the slogan.
