7th social science unit 2 Assignment Answer Key- Economics July 2021

7th social science unit 2 Assignment Answer Key- Economics July 2021

  • Assignment
  • Class: 7 Subject: Social Science
  • (Economics)
  • Unit – II – Tax and Its Importance

Part – A

I One Mark Questions :

1 Minimum possible amount should be spent in the collection of taxes is….

(a) Canon of equality

(b) Canon of certainty

(c) Canon of economy

(d) Canon of convenience

Answer:- (a) Canon of equality

2 Which one of the following tax is a direct tax?

(a) Service tax

(b) Wealth tax

(c) Sales tax

(d) Progressive tax

Answer:- (b) Wealth tax

3 Exhibitions is the example of ——

(a) Goods and service Tax

(b) Sales Tax

(c) Service Tax

(d) Enterta men Tax

Answer:- (d) Enterta men Tax

4 ——- tax indicate ONE TAX ON MARKET AND ONE NATION

(a) Value Added Tax

(b) Income Tax

(c) Goods and Service Tax

(d) Corporate Tax

Answer:- (c) Goods and Service Tax

5 Which one of the following in not a taxation type?

(a) Proportional Tax

(b) Regressive Tax

(c) Value Added Tax

(d) Progressive Tax

Answer:- (c) Value Added Tax

6 In which state value added tax was first introduced in India?

(a) Haryana

(b) TamilNadu

(c) Kerala

(d) Karnataka

Answer:- (a) Haryana

7 Excise Duty in India is levied by the ——-

(a) State Government

(b) Central Government

(c) Union Territory

(d) Others

Answer:- (b) Central Government

8 Which book tells the history of Indian taxation?

(a) Indica

(b) Muthuratchagam

(c) Arthashastra

(d) None of these

Answer:- (c) Arthashastra

9 ——– is the method, where the rate of tax is same regardless size of the income

(a) Proportional Tax

(b) Regressive Tax

(c) Sales Tax

(d) None of these

Answer:- (a) Proportional Tax

10 The value added tax was introduced in …….

(a) 2004

(b) 2007

(c) 2010

(d) 2003

Answer:- (d) 2003

Part – B

II Very Short Answer:

11 Define tax

  • Taxes are defined as a compulsory contribution from a person to the government to defray the expenses incurred in the common interest of all without reference to special benefits conferred

12 Explain the types of taxation.

There are four types of Taxation:

  • Proportional Tax
  • Progressive Tax
  • Regressive Tax and
  • Degressive Tax

13 What is corporation Tax?

  • Corporation tax is levied on profit of corporations and companies. It is charged on royalties, interest, gains from sale of capital assets located in India, fees for technical services and dividends.

14 Explain the Swachh Bharat Cess.

  • This is a cess imposed by the government of India and was started from 15th november 2015 This tax is applicable on all taxable services and the cess currently stand at 0.5%

15 What is canon of Convenience.

  • Taxes should be levied and collected in such a manner that provides a maximum of convenience to the taxpayers should always keep in view that the taxpayers suffer the least inconvenience in payment of the tax

Part – C

III Answer is Detail.

16 Explain the importance of tax.

Importance of Tax:

Taxes are crucial because governments collect this money and use it to finance under the following social projects.

Health:

  • Without taxes, government contributions to the health sector would be impossible.
  • Taxes go to funding health services such as social healthcare, medical research, social security, etc.

Education:

  • Education could be one of the most deserving recipients of tax money.
  • Governments put a lot of importance in the development of human capital and education is central in this development.

Governance:

  • Governance is a crucial component in the smooth running of country affairs.
  • Poor governance would have far reaching ramifications on the entire country with a heavy toll on its economic growth.
  • Good governance ensures that the money collected is utilized in a manner that benefits citizens of the country.
  • Other important sectors are infrastructure development, transport, housing, etc.
  • Apart from social projects, governments also use money collected from taxes to fund sectors that are crucial for the wellbeing of their citizens such as security, scientific research, environmental protection, etc.
  • Some of the money is also channeled to fund projects such as pensions, unemployment benefits, childcare, etc,

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