taxes types, methods & budgeting process section 1 MCQ Questions & Answers Detailed Explanation
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The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
(a) Passenger & Goods Tax
(b) Taxes on Newspapers
(c) Stamp Duties
(d) None of the above/More than one of the above
The correct answers to the above question in:
Answer: (c)
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Read more taxes types methods budgeting process Based Indian Economy Questions and Answers
Question : 1
The term “Pump Priming” means:
- It is a way to stimulate the economy by reducing tax
- It is done in economic slowdown by increasing government spending
- RBI prints extra money
a) (i) & (ii) only
b) (iii) only
c) (i) only
d) All of the above
Answer »Answer: (a)
Pump priming is the action taken to stimulate an economy, usually during a recessionary period, through government spending and tax reductions.
The term pump-priming is derived from the operation of older pumps - a suction valve had to be primed with water so that the pump would function properly.
Question : 2
Which of the following statements about Krishi Kalyan Cess (KKC) is/are correct ?
- KKC is calculated in the same way as Service Tax is calculated.
- The current rate of KKC is 0.50%
- KKC is similar to the KKS (Krishi Kalyan Surcharge).
a) 2 and 3 only
b) 1, 2 and 3
c) 1 and 2 only
d) 1 only
Answer »Answer: (c)
KK Surcharge is the additional percentage of tax which domestic tax players need to pay when declaring undisclosed income by paying tax at 30%. The KKS above the tax is 7.5%.
Question : 3
With reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act)’, consider the following statements:
- A property transaction is not treated as a Benami transaction if the owner of the property is not aware of the transaction.
- Properties held by Benami are liable for confiscation by the Government.
- The Act provides for three authorities for investigations but does not provide for any appellate mechanism.
a) 1 and 3 only
b) 1 only
c) 2 only
d) 2 and 3 only
Answer »Answer: (c)
The act provides is an appellate tribunal, and they’re required to finish the case within one year.
So #3 is wrong, by elimination, we are left with A and B.
So, C is most appropriate because IT dept (therefore, Government) can seize the Benami properties.
Question : 4
Which of the following are part of Capital Budget of Govt. of India?
- Proceeds received in the public account of India
- PSUs purchasing capital equipment
- Establishment of “India Post Payment Bank”
a) (ii) & (iii) only
b) (i) & (iii) only
c) (i) only
d) None of the above
Answer »Answer: (b)
Money received in Public Account of India creates liability on Govt. of India and hence it’s a part of capital receipt/budget.
India Post Payment Bank is a PSU and expenditures done by Govt. to create a PSU (an asset) will come under capital budget/expenditure of Govt. of India. A PSU purchasing a capital equipment is not part of Govt. of India budget.
Question : 5
Consider the following statements. In India, Stamp duties on financial transactions are
- Levied and collected by the state
- Appropriated by the Union Government
a) Only 2
b) Both 1 and 2
c) Only 1
d) Neither 1 nor 2
Answer »Answer: (d)
Question : 6
Fiscal Policy in India is formulated by
a) the Finance Ministry
b) the Reserve Bank of India
c) the Planning Commission
d) the Securities and Exchange Board of India
Answer »Answer: (a)
The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
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