taxes types, methods & budgeting process section 3 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 6 EXERCISES
-
Top 500+ Indian Taxation System GK MCQ Quiz For SSC »
-
Top 500+ Taxes Types & Budgeting Process GK MCQ Quiz PDF »
-
499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
-
New 499+ Indian Taxation Laws Budget Current GK MCQ Quiz »
-
New 500+ Indian Income Tax Slab Laws Acts GK MCQ Quiz PDF »
-
1000+ Indian Tax System Types Concepts MCQ Quiz For IBPS »
The following question based on Taxes Types, Methods & Budgeting Process topic of indian economy mcq
(a) Promotion of Regional Trade
(b) Promotion of MSME’s
(c) Promotion of Goods and Services
(d) Promotion of Government Schemes
The correct answers to the above question in:
Answer: (c)
Practice Taxes Types, Methods & Budgeting Process (taxes types, methods & budgeting process section 3) Online Quiz
Discuss Form
Read more taxes types methods budgeting process Based Indian Economy Questions and Answers
Question : 1
Which of the following statements are true regarding FRBM Act 2003?
- RBI can subscribe to the primary issues of Central government securities
- RBI can fund Central government fiscal deficit
- The central government can take advances from RBI in case there is a mismatch in cash disbursements and cash receipts
a) (i) & (iii) only
b) (ii) & (iii) only
c) (i) only
d) (iii) only
Answer »Answer: (d)
As per the Fiscal Responsibility and Budget Management (FRBM) Act 2003, RBI has been prohibited from subscribing to Central government securities in the primary market.
This has been done so that government should raise money from the market at market interest rate rather than from RBI at a cheaper rate.
The central government is not allowed to borrow from RBI to fund its fiscal deficit but if there is a temporary mismatch in the government’s cash disbursement and cash receipts then, the government can take advance (called ways and means advance) from RBI.
Question : 2
The Kelkar proposals which were
a) recommendations for tax reforms
b) guidelines for the privatisation of public sector undertakings
c) recommendations for reforms in the power sector
d) guidelines for reducing vehicular pollution and the promotion of CNG use
Answer »Answer: (a)
Question : 3
Which of the following statements are true for the Income Tax in India?
- It is a progressive tax
- It is a direct tax
- It is collected by the state Governments
- It is a proportional tax
a) Only 1 and 2 are correct
b) 1, 2 and 3 are correct
c) Only 1 is correct
d) 2, 3 and 4 are correct
Answer »Answer: (a)
Question : 4
What do you understand by ‘regressive taxation’?
a) Taxation where the tax rate increase with the increase of taxable income
b) Tax that takes a larger perentage from low-income people than from high income people.
c) Taxation where the tax rate increases irrespective of fall or rise in taxable incomes.
d) None of above
Answer »Answer: (b)
A regressive tax is generally a tax that is applied uniformly. This means that it hits lower-income individuals harder.
The regressive tax imposes a greater burden (relative to resources) on the poor than on the rich — there is an inverse relationship between the tax rate and the taxpayer’s ability to pay as measured by assets, consumption, or income.
Question : 5
Which one of the following is the major source of gross tax revenue (GTR) for the Government of India?
a) Customs duty
b) Income tax
c) Corporation tax
d) Service tax
Answer »Answer: (c)
Corporation tax in India is the major source of Gross Tax Revenue (GTR) for the Government of India. It provides higher tax collection in comparison to income tax, custom duty and service tax.
Question : 6
Consider the following statements. In India, taxes on transactions in Stock exchanges and Futures Markets are
- Levied by the union
- Collected by the States
a) Both 1 and 2
b) Neither 1 nor 2
c) Only 1
d) Only 2
Answer »Answer: (c)
GET Taxes Types, Methods & Budgeting Process PRACTICE TEST EXERCISES
taxes types, methods & budgeting process section 1
taxes types, methods & budgeting process section 2
taxes types, methods & budgeting process section 3
taxes types, methods & budgeting process section 4
taxes types, methods & budgeting process section 5
taxes types, methods & budgeting process section 6
Taxes Types, Methods & Budgeting Process Shortcuts and Techniques with Examples
Verbal Reasoning
Question & Answer Quiz
Non Verbal Reasoning
Question & Answer Quiz
Quantitative Aptitude
Question & Answer Quiz
Computer MCQ
Question & Answer Quiz
General English
Question & Answer Quiz
History GK
Question & Answer Quiz
Polity GK
Question & Answer Quiz
Geography GK
Question & Answer Quiz
Economy GK
Question & Answer Quiz
General Awareness GK
Question & Answer Quiz
Recently Added Subject & Categories For All Competitive Exams
Syllogism Practice Questions Answers PDF - IBPS Clerk 2024
Practice Verbal Reasoning Syllogism multiple choice questions and answers with Fully solved explanation, PDF for the IBPS Clerk Prelims 2024 Bank Exam
Continue Reading »
IBPS Clerk Prelims 2024 Synonyms Questions Solved Answers
Most important IBPS Clerk Prelims 2024 Synonyms and Antonyms multiple choice questions and answers with detailed solutions, English vocabulary PDF Download
Continue Reading »
New Cloze Test Questions and Answers PDF - IBPS Clerk 2024
The most important Cloze Test questions with detailed answers for upcoming IBPS Clerk prelims 2024. Latest English verbal ability practice MCQs, PDF
Continue Reading »
Mensuration Aptitude Practice Mcq Questions IBPS Clerk 2024
Most Important Practice Mensuration aptitude multiple choice questions, answers with detailed solutions, PDF beginner to advanced for IBPS Clerk Prelims 2024
Continue Reading »