taxes types, methods & budgeting process section 1 Practice Questions Answers Test with Solutions & More Shortcuts
Taxes Types, Methods & Budgeting Process PRACTICE TEST [6 - 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
Question : 21 [UPSC (Pre) 2003]
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 : 22
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 : 24
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 : 25 [NDA/NA-SP-2016-II]
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%.
IMPORTANT indian economy mcq EXERCISES
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Top 500+ Taxes Types & Budgeting Process GK MCQ Quiz PDF »
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499+ Tax Slab Types Benefits And Penalty GK MCQ Quiz PDF »
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Taxes Types, Methods & Budgeting Process Shortcuts »
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indian economy MCQ CATEGORIES
-
» Introduction to Indian Economy
-
» Planning, Economic Development & Five year Plans
-
» National Income & Human Development Index
-
» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
-
» Poverty & Unemployment
-
» Introduction to Micro Economics
-
» Introduction to Macro Economics
-
» Macro fundamentals, GDP, Investment, Growth
-
» Demand & Supply, Profit Loss, Inflation & Price Index
-
» Fiscal Policy, Public Finance and Monetary Policy
-
» Money Supply, Banking and Financial Institutions
-
» Taxes Types, Methods & Budgeting Process
-
» Banking, Security Market & Insurance
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