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The Government: Budget and the Economy Test - 17

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The Government: Budget and the Economy Test - 17
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Gift-tax was abolished in______.
    Solution
    Gift tax was an act introduced by the parliament of India in 1958. It was introduced to impose tax on receiving and giving gifts under certain circumstances which is specified under the act. However, it was abolished in 1998 and all the gifts made there from were tax free. Hence, gift-tax was abolished in India.
  • Question 2
    1 / -0
    Wealth-tax was introduced at the recommendation of ______.
  • Question 3
    1 / -0
    Central budget is presented by ____.
    Solution
    The union budget of India, also referred to as central budget is the annual budget of the republic India. The government presents it in the month of February so that it could get materialized before the start of the financial year from $$1^{st}$$ April. It is presented by the finance minister of India.
  • Question 4
    1 / -0
    Budget deficit is equal to_______.
    Solution
    A budget is nothing but a financial plan for a definite period of time mostly for one year. Budget is of three types viz. surplus budget, deficit budget and balanced budget. Deficit budget occurs when expenditure is more than revenue. It shows the financial health of the economy. Hence, budget deficit is equal to difference between total income and total expenditure.
  • Question 5
    1 / -0
    Threshold level of service tax exemption for small service providers is _______.
    Solution
    A small service provider whose taxable service from one or more premises did not exceed rs.10 lakhs in the previous financial year will be exempt from tax in next financial year upto first consecutive payment of rs.10 lakhs received. Hence,  threshold level of service tax exemption for small service provider is rs. 10 lakh.
  • Question 6
    1 / -0
    _______ was/were first to be covered under service tax net in 1994-95.
    Solution
    Service tax was introduced in 1994 by the finance minister Dr. Manmohan singh in which he emphasized the need for service tax. Service tax is the tax levied on the service provided by the seller to customer and is borned by the customer. The services which were covered under service tax net in 1994-95 were stock broker services, non life insurance services and telephone.
  • Question 7
    1 / -0
    Budget is presented on _____.
    Solution
    The union budget of India, also referred to as central budget is the annual budget of the republic India. The government presented on the 1st working day of February in 2021 so that it could get materialized before the start of financial year from 1st april. It is presented by the finance minister of India. Hence, budget is presented on 1st February.
  • Question 8
    1 / -0
    Present rate of service tax is _____.
  • Question 9
    1 / -0
    Wealth-tax was first introduced in India in _____.
    Solution
    Wealth Tax Act, 1957, is an act of the parliament of India that provides for the levying of wealth tax on an individual, Hindu undivided family or corporates. The tax was levied on the net wealth owned by a person on a valuation date. It was introduced in India in May, 1957.
  • Question 10
    1 / -0
    Which of the following expenses are charged on the Consolidated Fund of India?
    Solution
    Consolidated fund of India is the most important government account. Revenues received by the government and expenses made by it,  are part of the Consolidated Fund. There are two types of expenditure made from the Consolidated Fund of India- voted and charged. Voted expenditures are those which are discussed upon in the parliament or legislature and later becomes the budget of the country. On the other hand, charged expenditure are those on which no voting takes place for the amount involved in these expenditures for their withdrawal from Consolidated Fund of India. This means that they have to be paid in any case, whether the budget is passed or not passed. Following are the charged expenditures:  
    1. Emoluments and allowances of the President and other expenditure relating to his office.
    2. Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha.
    3. Salaries, allowances and pensions of the judges of the Supreme Court.
    4. Pensions of the judges of high courts.
    5. Salary, allowances and pension of the Comptroller and Auditor General of India
    6. Salaries, allowances and pension of the chairman and members of the Union Public Service Commission.
    7. Administrative expenses of the Supreme Court, the office of the Comptroller and Auditor General of India and the Union Public Service Commission including the salaries, allowances and pensions of the persons serving in these offices.
    8. The debt charges for which the Government of India is liable, including interest, sinking fund charges and redemption charges and other expenditure relating to the raising of loans and the service and redemption of debt.
    9. Any sum required to satisfy any judgment, decree or award of any court or arbitral tribunal.
    10. Any other expenditure declared by the Parliament to be so charged.
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