Practice Test

In the context of independent India's economy, which one of the following was the earliest event to take place ?

Which of the following statements is /are true-
1. General anti-avoidance rule (GAAR) is an anti-tax avoidance regulation of India.
2. GAAR usually consists of a set of broad rules which are based on general principles to check the potential avoidance of the tax in general, in a form which cannot be predicted and thus cannot be provided at the time when it is legislated.
3. GAAR is a concept which generally empowers the Revenue Authorities in a country to deny the tax benefits of transactions or arrangments which do not have any commercial substance or consideration other than achieving the tax benefit.
4. Whenever revenue authorities question such transactions, there is a conflict with the tax payers. Thus, different countries started making rules so that tax cannot be avoided by such transactions.
Select the answer from the codes given below:

Banks use their deposits for:
1. advancing credit in governmental and other securities.
2. making investment in governmental and other securities.
The correct statement(s) is made with: