Basics of Finan...

Depreciation is the fall in the ____________ of a fixed asset through physical wear and tear due to use or passage of time or from any other cause.

As part of the Taxation Reforms in 1991, the rates of taxation were reduced in respect of_______________.

Depreciation Accounting has been defined by the ________ as " a system of accounting which aims to distribute the cost or other basic value of tangible capital assets less salvage (if any) over the estimated useful life of the unit (which may be a group of assets) in a systematic and rational manner. It is a process of allocation and not of valuation".

Which of the following statement is/are NOT correct?

________ is not a Direct Tax.

Which of the following is not part of the Taxation Reforms in 1991?

__________ has defined depreciation as "a measure of the wearing out, consumption or other loss of value of a depreciable asset arising from use, effluxion of time or obsolescence through technology and market changes. Depreciation is allocated so as to charge a fair proportion of depreciable amount in each accounting period during the expected useful life of the asset. Depreciation includes amortization of assets whose useful life is predetermined."

Suppose a shopkeepers buys inputs worth $Rs. 2,00,000$ and his sales are worth $Rs. 4,00,000$ in a month. The input tax rate is $4$% and output tax rate is $10$%. What is value added tax here after set off of input tax credit?

National income differs from net national product at market price by the amount of ____________.

At present, the marginal rate of income tax (i.e., tax for the highest slab) is _______.