Banking General Awareness Tax and Budget Question Bank

done Tax and Budget Total Questions - 86

• question_answer1)
  Which one of the following items will be subsumed under the Goods and Services Tax of India?
  A)
  Additional excise duties done clear
  B)
  Special additional custom duties done clear
  C)
  Additional surcharges and cesses done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer2)
  Which one of the following deficits deducted the interest payments to internal and external debt from the fiscal deficit to calculate the deficit of an economy?
  A)
  Revenue deficit   done clear
  B)
  Twin deficit done clear
  C)
  Primary deficit    done clear
  D)
  Budgetary deficit done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer3)
  'Dark Block' is an area
  A)
  where literacy rate is below 15% done clear
  B)
  where people below the poverty line are more than 90% done clear
  C)
  where underground source of water is not available done clear
  D)
  where more than 85% exploitation has taken place on the available underground water done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer4)
  'Hedging' denotes
  A)
  protecting against fluctuations/ uncertainty risk in forex markets done clear
  B)
  credit risk assessment in respect of advance done clear
  C)
  speculative buying/selling of foreign currency done clear
  D)
  capital risk assessment in respect of advances done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer5)
  A direct tax cannot be shifted to other person. Central direct taxes is/are
  A)
  Income tax                    done clear
  B)
  Gift tax done clear
  C)
  Corporate tax     done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer6)
  Indian tax system is accused of
  A)
  Discouraging employment done clear
  B)
  Distorting prices done clear
  C)
  Adversely affecting savings done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer7)
  Which one of the following is the major source of the revenue to State Government in India?
  A)
  Agriculture income tax done clear
  B)
  Professional tax    done clear
  C)
  General sales tax done clear
  D)
  Stamp duties       done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer8)
  Which of the following is not included in government securities?
  A)
  Promissory notes             done clear
  B)
  Debentures done clear
  C)
  Bearer bonds                  done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer9)
  Which of the following' statements is incorrect?
  A)
  VAT is the neutral tax since it does not influence the organisation of production done clear
  B)
  VAT is easier to enforce than the sales tax to impose through cross-checking done clear
  C)
  GST consists of three components such as Central-GST, State-GST and Local-GST done clear
  D)
  Central -GST and State -GST will apply to all transaction of goods and services done clear
  E)
  The Union Government of India passed the General Sales Tax in 1956 done clear
  View Solution play_arrow

• question_answer10)
  Inflation is caused by
  A)
  increase in supply of goods done clear
  B)
  increase in cash with the government done clear
  C)
  decrease in money supply done clear
  D)
  increase in money supply done clear
  E)
  All of the above done clear
  View Solution play_arrow

• question_answer11)
  Which one of the following duties/taxes is the major component of the customs duties in the Indian Economy?
  A)
  Import duties                  done clear
  B)
  Export duties done clear
  C)
  Estate duties                   done clear
  D)
  Both a and b done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer12)
  Which one of the following is refer to the use of taxation, public expenditure and the management of public debt in order to achieve certain specified objectives?
  A)
  Fiscal policy                   done clear
  B)
  Trade policy done clear
  C)
  Revenue policy               done clear
  D)
  None of these done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer13)
  'Caused Bill of Lading' is one which indicates
  A)
  no defects in packaging or condition of goods done clear
  B)
  defective condition of package done clear
  C)
  no documents attached to it done clear
  D)
  complete documents attached to it done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer14)
  Sub-prime refers to
  A)
  lending done by banks at rates below PLR done clear
  B)
  funds raised by the banks at sub-libor rates done clear
  C)
  group of banks which are not rate as prime banks as per banker's almanac done clear
  D)
  lending done by financing institutions including banks to customers not meeting with normally required credit appraisal standards done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer15)
  A country is said to be in a debt trap if
  A)
  it has to borrow to make interest payments on outstanding loans done clear
  B)
  it has to borrow to make interest payments on standing loans done clear
  C)
  it has been refused loans or aid by creditors abroad done clear
  D)
  the world bank charges a high rate of interest on outstanding as well as new loans done clear
  E)
  it has to borrow to make interest payments on all types of loan done clear
  View Solution play_arrow

• question_answer16)
  The Goods and Services Tax (GST) proposed to be introduced covers taxes like
  A)
  Trade/Sale Tax   done clear
  B)
  Service Tax done clear
  C)
  Service, Excise   done clear
  D)
  Service, Excise, VAT done clear
  E)
  All of the above done clear
  View Solution play_arrow

• question_answer17)
  A debt becomes time-barred after
  A)
  one year           done clear
  B)
  two and a half years done clear
  C)
  three years  done clear
  D)
  five years done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer18)
  The purpose of providing depreciation on the bank's property is
  A)
  to reduce the profit of the bank done clear
  B)
  to make usual allowances for annual wear and tear done clear
  C)
  to enable the bank to recover tills amount from the Reserve Bank of India done clear
  D)
  to strengthen the financial position of the bank done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer19)
  Most of the Indirect Taxes replaced by
  A)
  CENVAT done clear
  B)
  VAT done clear
  C)
  Indirect Tax Code done clear
  D)
  Goods and Services Tax (GST) done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer20)
  Among which of the following is related to bank risks?
  A)
  Deposits             done clear
  B)
  Bank funds done clear
  C)
  NPA            done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer21)
  Service Tax was introduced in India in
  A)
  1994-95            done clear
  B)
  1996-97 done clear
  C)
  1998-99      done clear
  D)
  2001-02 done clear
  E)
  2004-05 done clear
  View Solution play_arrow

• question_answer22)
  'Sub-prime lending' is a term applied to the loans made to
  A)
  these borrowers who do not have a good credit history done clear
  B)
  those who wish to take loan against the mortgage of tangible assets done clear
  C)
  those who have a good credit history and are known to bank since 10 yr done clear
  D)
  Both a and b done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer23)
  Choose the correct statements regarding GAAR.
  A)
  GAAR means General Anti Avoidance rules. done clear
  B)
  GAAR was introduced by previous finance Minister Mr Pranab Mukherjee. done clear
  C)
  GAAR will help in bringing transparency and efficiency in economic policy making and taxation. done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer24)
  Securitisation is
  A)
  non-performing loans are acquired from banks and financial institutions at a discounted value and security receipts issued to them so that these loans are removed, from their balance sheet enabling them to reduce the provision in respect of such loans and improve profitability done clear
  B)
  converting the illiquid loans of banks and financial institutions by securitization companies into tradable securities, after they are acquired and sold to the investors done clear
  C)
  a process of acquisition of non-performing loans from banks by a securitisation company and covert them into tradable securities and sold to the investors done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer25)
  Which of the following is not a reason for demand pull inflation?
  A)
  Shortage of consumer goods done clear
  B)
  More exports done clear
  C)
  Economic growth done clear
  D)
  Less import done clear
  E)
  More exports and less imports done clear
  View Solution play_arrow

• question_answer26)
  During inflation
  A)
  exports becomes more expensive done clear
  B)
  exports becomes more cheap done clear
  C)
  imports becomes more expensive done clear
  D)
  surplus balance of payment done clear
  E)
  All of the above done clear
  View Solution play_arrow

• question_answer27)
  Inflation can defined as
  A)
  a persistent rise in general price level done clear
  B)
  a persistent fall in general price level done clear
  C)
  an increase purchasing power done clear
  D)
  increase in value of money done clear
  E)
  decrease in money done clear
  View Solution play_arrow

• question_answer28)
  Reason for cost push inflation is
  A)
  increase in wage rate done clear
  B)
  increase in interest rate done clear
  C)
  increase in the price of raw material done clear
  D)
  increase in indirect tax done clear
  E)
  decrease in cost of production done clear
  View Solution play_arrow

• question_answer29)
  Primary deficit is the difference between the fiscal deficit and the
  A)
  expenditure                    done clear
  B)
  capital receipts done clear
  C)
  plan expenditure             done clear
  D)
  interest payment done clear
  E)
  Non-tax revenue done clear
  View Solution play_arrow

• question_answer30)
  Deflation depresses aggregate demand because of
  A)
  the wealth effect    done clear
  B)
  the expectations effect done clear
  C)
  The income effect   done clear
  D)
  the consumption effect done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer31)
  VAT was introduced in
  A)
  1995     done clear
  B)
  1997    done clear
  C)
  1999                 done clear
  D)
  2002 done clear
  E)
  2007 done clear
  View Solution play_arrow

• question_answer32)
  Which of the following is a measure of fiscal reforms Government of India has adopted?
  A)
  Bringing down fiscal deficit to a particular level by an Act of Law done clear
  B)
  Fixing higher rate of growth done clear
  C)
  Allocation of more funds to job oriented schemes done clear
  D)
  Allocation of more funds to provide education to children who are 6--14 years of age done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer33)
  Central Value Added Tax (CENVAT) was introduced in
  A)
  2000-01            done clear
  B)
  2001-02 done clear
  C)
  2002-03            done clear
  D)
  2003-04 done clear
  E)
  2006-07 done clear
  View Solution play_arrow

• question_answer34)
  Which of the following is not a tax/duty levied by the Government of India?
  A)
  Income Tax                   done clear
  B)
  Education Cess done clear
  C)
  Service Tax                    done clear
  D)
  Customs Duty done clear
  E)
  Toll Tax done clear
  View Solution play_arrow

• question_answer35)
  Union budget is always presented first in
  A)
  the Lok Sabha     done clear
  B)
  the Rajya Sabha done clear
  C)
  joint session of the Parliament done clear
  D)
  meeting of the Union Cabinet done clear
  E)
  the State Assemblies done clear
  View Solution play_arrow

• question_answer36)
  Krishi Kalyan Cess is a levy/tax imposed by Union Government on all services tax, at the rate of......... for financing improvement of agriculture and welfare of farmer.
  A)
  0.01%               done clear
  B)
  0.2%    done clear
  C)
  0.5%                 done clear
  D)
  1% done clear
  E)
  1.5% done clear
  View Solution play_arrow

• question_answer37)
  Fiscal deficit is
  A)
  total income less government borrowing done clear
  B)
  total payments less total receipts done clear
  C)
  total payments less capital receipts done clear
  D)
  total expenditure less total receipts excluding borrowing done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer38)
  Money Laundering normally involves
  A)
  placement of funds          done clear
  B)
  layering of funds done clear
  C)
  integration of funds         done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer39)
  As we all know India has a three-tier structure of tax administration. There are taxes levied by Central Government, State Governments and Local Governments. Which of the following taxes is levied by the local government bodies?
  A)
  Value Added Tax            done clear
  B)
  Stamp Duty done clear
  C)
  Service Tax       done clear
  D)
  Land Revenue done clear
  E)
  Tax on water supply and drainage etc done clear
  View Solution play_arrow

• question_answer40)
  The amount of which of the following reflects the overall budgetary position of the Government of India at a given time?
  A)
  Revenue deficit done clear
  B)
  Total amount of income tax collected done clear
  C)
  Capital deficit done clear
  D)
  Fiscal deficit done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer41)
  Which of the following services provided by a bank in India is not liable for Service Tax as per existing laws?
  A)
  Safe deposit lockers done clear
  B)
  Merchant banking services done clear
  C)
  Credit cards done clear
  D)
  Discount earned on certain discounted bills done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer42)
  The maximum amount of the total revenue earned by the Government of India comes from
  A)
  Income Tax       done clear
  B)
  Customs Duty done clear
  C)
  Excise Duty       done clear
  D)
  Value Added Tax done clear
  E)
  Corporate Tax done clear
  View Solution play_arrow

• question_answer43)
  Which of the following commissions setup by the President of India decides the distribution of tax incomes between the Central and State Governments?
  A)
  Central Law Commission done clear
  B)
  Pay Commission for Government Employees done clear
  C)
  Administrative Reforms Commission done clear
  D)
  Planning Commission done clear
  E)
  Finance Commission done clear
  View Solution play_arrow

• question_answer44)
  Minimum Alternative tax was introduced in India for the first time in the year
  A)
  1990-91                         done clear
  B)
  1991-92 done clear
  C)
  1997-98 done clear
  D)
  1980-81 done clear
  E)
  2000-01 done clear
  View Solution play_arrow

• question_answer45)
  Modified Value Added Tax (MOD VAT) was introduced in
  A)
  1986-87             done clear
  B)
  1980-81 done clear
  C)
  1982-83            done clear
  D)
  1981-82 done clear
  E)
  1990-91 done clear
  View Solution play_arrow

• question_answer46)
  Excise duty is levied on
  A)
  Sale                  done clear
  B)
  Production done clear
  C)
  Imports              done clear
  D)
  Exports done clear
  E)
  Metal done clear
  View Solution play_arrow

• question_answer47)
  Which of the following taxes is not levied by the Union Government?
  A)
  Customs done clear
  B)
  Corporate Tax done clear
  C)
  Land Revenue done clear
  D)
  Income Tax done clear
  E)
  Surcharge on Income Tax done clear
  View Solution play_arrow

• question_answer48)
  As we all know, Government of India pays special emphasis on the management of Fiscal Deficit. What is Fiscal Deficit?
  A)
  The gap between projected or estimated GDP and actual GDP done clear
  B)
  The gap between the total number and value of the currency notes issued by the RBI uptill now over the number and value of those which are in actual circulation done clear
  C)
  The gap between the actual borrowings of the Government of India and the expected expenditure for which provision is made in the budget done clear
  D)
  Excess of government's disbursement comprising current and capital expenditures over its current receipts (tax/non-tax receipts) done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer49)
  Transport of goods by which of the following is free from levy of the Service Tax?
  A)
  Indian railways done clear
  B)
  Shipping companies owned by NRIs done clear
  C)
  All private road transport companies done clear
  D)
  By the Transport Corporation of India in its own special containers done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer50)
  Service tax was introduced in India in the year
  A)
  1993                 done clear
  B)
  1994    done clear
  C)
  2000                             done clear
  D)
  2004 done clear
  E)
  2,005 done clear
  View Solution play_arrow

• question_answer51)
  Service tax was introduced in India on the recommendation of
  A)
  Kelkar Committee done clear
  B)
  Dr Raja Chailiah Committee done clear
  C)
  Dr Manmohan Singh Commitee done clear
  D)
  Dr Yashwant Sinha Committee done clear
  E)
  Bimal Jalan Committee done clear
  View Solution play_arrow

• question_answer52)
  Which of the following are the direct taxes?
  A)
  Income Tax       done clear
  B)
  Gift Tax done clear
  C)
  Wealth Tax       done clear
  D)
  both a and b done clear
  E)
  All the above done clear
  View Solution play_arrow

• question_answer53)
  Which of the following are the indirect taxes?
  A)
  Custom Duty      done clear
  B)
  Excise Duty done clear
  C)
  Sales Tax and Service Tax done clear
  D)
  Both b and c       done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer54)
  Income Tax in India was introduce in
  A)
  1832                 done clear
  B)
  1845    done clear
  C)
  1897                             done clear
  D)
  1860 done clear
  E)
  1895 done clear
  View Solution play_arrow

• question_answer55)
  Which of the following duty was levied on the total property passing to the heirs on the death of a person?
  A)
  Custom Duty                  done clear
  B)
  Estate Duty done clear
  C)
  Excise Duty                    done clear
  D)
  Wealth Tax done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer56)
  Wealth Tax was introduced in India in
  A)
  1967                 done clear
  B)
  1965    done clear
  C)
  1969                 done clear
  D)
  1957 done clear
  E)
  1980 done clear
  View Solution play_arrow

• question_answer57)
  Gift received from any person is taxable if the aggregate value exceeds
  A)
  Rs. 50000                      done clear
  B)
  Rs. 40000 done clear
  C)
  Rs. 45000    done clear
  D)
  Rs. 55000 done clear
  E)
  Rs. 66000 done clear
  View Solution play_arrow

• question_answer58)
  Direct Tax Code (DTC) Bill 2010 was introduced in Parliament to overcome the complications of
  A)
  Wealth Tax and Gift Tax done clear
  B)
  Excise Duties done clear
  C)
  Custom Duties and Sales Tax done clear
  D)
  All Direct Taxes done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer59)
  Import Duties are generally levied on
  A)
  the basis of Type of commodity done clear
  B)
  turnover size of die commodity done clear
  C)
  ad valorem (percentage of the price of commodity) done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer60)
  Which of the following is/are the Non-Tax Revenue components of the Union Budget of India?

  I. Customs Duties

  II. Interest Receipts

  III. Dividends and Profits

  Select the correct answer using the codes given below
  A)
  Only I               done clear
  B)
  Only II done clear
  C)
  II and III done clear
  D)
  Only IV done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer61)
  Which of the following is/are the components of the Fiscal Deficit?

  I. Budgetary Deficit

  II. Market Borrowing

  III. Expenditure made from Pradhan Mantri Rahat Kosh

  Select the correct answer using the codes given below
  A)
  Only I              done clear
  B)
  Only II done clear
  C)
  Only III            done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer62)
  As we all know, the Ministry of Finance every year prepares the Union Budget and presents it to the Parliament. Which of the following is/are the elements of the Union Budget?

  I. Estimates of revenue and capital receipts

  II. Ways and means to raise the revenue

  III. Estimates of expenditure

  Select the correct answer using the codes given below
  A)
  Only I               done clear
  B)
  Only II done clear
  C)
  Only III             done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer63)
  Consider the true statements regarding provision under the black money (undisclosed foreign income and assets) and Imposition of Tax Bill, 2015

  I. Undisclosed foreign income or assets shall be taxed at the rate of 30%.

  II. The punishment would be rigrous imprisonment from 3 to 10 yr.

  III. Maximum penalty of Rs. 1 crore with imprisonment.

  Select the correct answer using the codes given below
  A)
  I and II             done clear
  B)
  Only II done clear
  C)
  II and III                        done clear
  D)
  Only III done clear
  E)
  I, II and III done clear
  View Solution play_arrow

• question_answer64)
  Consider the following statements in the context of governance.

  I. Encouraging foreign direct investment inflows.

  II. Privatisation of higher educational institutions.

  III. Down-sizing of bureaucracy

  Which of the above can be used as measures to control the fiscal deficit in India?
  A)
  Only I               done clear
  B)
  Only II done clear
  C)
  Only III             done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer65)
  Many a times we read about rural indebtedness in various newspapers/ magazines. What are the main causes of the rural indebtedness?

  I. Poverty

  II. Inability to repay the loans.

  III. Zamindari system which prevents farmers to own the land.

  Select the correct answer using the codes given below
  A)
  Only I               done clear
  B)
  Only II done clear
  C)
  Both I and II                  done clear
  D)
  All of the above done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer66)
  Which of the following correctly describes what sub-prime lending is?

  I. Lending to the people with less than ideal credit status.

  II. Lending to the people who are high value customers of the banks.

  III. Lending to those who are not a regular customer of a bank.

  Select the correct answer using the codes given below
  A)
  Only I              done clear
  B)
  Only II done clear
  C)
  Only III            done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer67)
  Which of the following is/are the central tax(es) replaced by GST?

  I. Central Excise Duty.

  II. Cesses and surcharges on supply of goods and services.

  III. Special Additional Duty of Customs. (SAD)

  Select the correct answer using the codes given below
  A)
  Only II             done clear
  B)
  II and III done clear
  C)
  I and III            done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer68)
  Assessment of Government deficits can be done on following basis.

  I. Fiscal Deficit

  II. Revenue Deficit

  III. Non-plan deficit

  Select the correct answer using the codes given below
  A)
  Only I              done clear
  B)
  Only II done clear
  C)
  Only III             done clear
  D)
  All of these done clear
  E)
  Bolls I and II done clear
  View Solution play_arrow

• question_answer69)
  According to GST Bill, State taxes subsumed in GST is/are

  I. Central Sale tax

  II. Luxury tax

  III. Taxes on advertisement

  Codes
  A)
  II and III           done clear
  B)
  I and III done clear
  C)
  I and II             done clear
  D)
  Only III done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer70)
  Which of the following is called 'Robin hood Tax' and was in news during recent summit of G20 nations?            [RBI Grade B 2011]
  A)
  Excise Duty       done clear
  B)
  VAT done clear
  C)
  Goods and Services         done clear
  D)
  Tobin Tax done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer71)
  Which of the following policies is known as Annual Policy Statement?                        [Corporation Bank 2011]
  A)
  Annual budget of Central Government done clear
  B)
  Credit and monetary policy of RBI done clear
  C)
  Foreign trade policy of DGFT done clear
  D)
  Regulations issued by SEBI done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer72)
  As we all know. Government of India collects tax revenue on various activities in the country. Which of the following is a part of the tax revenue of the government?                                                           [Corporation Bank 2011]

  I. Tax OH Income

  II. Tax on Expenditure

  III. Tax on Property or Capital Asset

  IV. Tax on Goods and Services

  Select the correct answer using the codes given below
  A)
  I and II              done clear
  B)
  II and IV done clear
  C)
  II, III and IV done clear
  D)
  All of these done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer73)
  Many times we read about Hawala' transactions in newspapeHawala, in India, is prohibited under the provision of which of the following Acts?                                                                           [Corporation Bank 2011]
  A)
  Fiscal Responsibility and Budget Management Act done clear
  B)
  Ranking Regulation Act done clear
  C)
  Financial Action Task Force Act done clear
  D)
  Foreign Exchange Management Act done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer74)
  Goods and Services Tax (GST) would replace which of the following taxes levied at present?     [Indian Overeas Bank 2011]
  A)
  Income Tax       done clear
  B)
  Corporate Tax done clear
  C)
  Capital gains Tax done clear
  D)
  Value Added Tax (VAT) done clear
  E)
  Alt of the above done clear
  View Solution play_arrow

• question_answer75)
  Which of the following bills presented in the Parliament will bring some changes in the existing tax regime? [Corporation Bank 2011]
  A)
  Direct Taxes Code (DTC) Bill done clear
  B)
  Foreign Exchange Management Regulatory Bill done clear
  C)
  Companies Act Bill done clear
  D)
  Salaries and Perks for MPs Bill done clear
  E)
  Finance Bill 201.0-11 done clear
  View Solution play_arrow

• question_answer76)
  Expand the term FRBM.                                                                      [Indian Overseas Bank 2011]
  A)
  Financial Responsibility and Business Management done clear
  B)
  Fiscal Responsibility and Business Management done clear
  C)
  Financial Responsibility and Budge Management done clear
  D)
  Fiscal Responsibility and Budget Management done clear
  E)
  Formal Responsibility and Business Management done clear
  View Solution play_arrow

• question_answer77)
  Which of the following is/are the Non-Tax Revenue components of the Union Budget of India? [Andhra Bank 2011]

  I. Custom Duties

  II. Interest Receipts

  III. Dividend and Profits

  Select the correct answer using the codes given below
  A)
  I and II             done clear
  B)
  Only II done clear
  C)
  II and III done clear
  D)
  Only III done clear
  E)
  All of these done clear
  View Solution play_arrow

• question_answer78)
  Which of the following organisations/agencies is actively involved in drafting the Union Budget of India?       [Andhra Bank 2011]
  A)
  The Planning Commission done clear
  B)
  The Comptroller and Auditor General done clear
  C)
  Administrative Staff of the Lok Sabha done clear
  D)
  Ministry of Finance done clear
  E)
  Ministry of Rural Development done clear
  View Solution play_arrow

• question_answer79)
  Which of the following is the target fixed for maintaining fiscal deficit in the Union Budget of India?       [Allahabad Bank 2011]
  A)
  4.6% of total budget        done clear
  B)
  4.6% of GDP done clear
  C)
  3.6% of total budget        done clear
  D)
  3.6% of GDP done clear
  E)
  None of these done clear
  View Solution play_arrow

• question_answer80)
  What is a fiscal deficit?                                                                                  [Punjab and Sindh Bank 2011]
  A)
  It is a gap between the values of exports and imports done clear
  B)
  It is a gap between exports and imports minus external borrowings done clear
  C)
  It is a gap between total expenditure and total receipts of the government done clear
  D)
  It is a gap between total receipts minus external borrowings done clear
  E)
  None of the above done clear
  View Solution play_arrow

• question_answer81)
  A tax based on the value of the property/ product is called                                                [SBI Associate 2012]
  A)
  Fringe benefit tax done clear
  B)
  Value Added Tax done clear
  C)
  Minimum Alternative tax done clear
  D)
  Turnover tax done clear
  E)
  Ad Valorem tax done clear
  View Solution play_arrow

• question_answer82)
  Excise duty is the tax levied on                                                                                     [SBI Associate 2012]
  A)
  production of goods done clear
  B)
  Import of goods done clear
  C)
  sale of goods done clear
  D)
  profit on sale of goods done clear
  E)
  Income from other sources done clear
  View Solution play_arrow

• question_answer83)
  The Central Board of Direct Taxes has made felling of income tax returns mandatory for all assesses whose annual earnings exceed                                                                                                                   [SBI Associate 2013]
  A)
  Rs. 5 lakh during die fiscal done clear
  B)
  Rs. 10 lakh during the fiscal done clear
  C)
  Rs. 15 lakh during the fiscal done clear
  D)
  Rs. 20 lakh during the fiscal done clear
  E)
  Rs. 25 lakh during the fiscal done clear
  View Solution play_arrow

• question_answer84)
  According to the provisions of the income Tax Act, 1961 a resident individual is categorised as a 'very senior citizen? when he is                                                                                                                                  [WPS PO 2013]
  A)
  80 yr of age or older done clear
  B)
  75 yr of age or older done clear
  C)
  90 yr of age or older done clear
  D)
  85 yr of age or older done clear
  E)
  65 yr of age or older done clear
  View Solution play_arrow

• question_answer85)
  The Union Budget 2015-16 announced additional surcharge for the super-rich with income of over Rs. 1 crore. At what rate will this surcharge be charged?                                                                         [SBI PO 2015]
  A)
  1%              done clear
  B)
  2% done clear
  C)
  3%                                done clear
  D)
  4% done clear
  E)
  6% done clear
  View Solution play_arrow

• question_answer86)
  Which of the following taxes has been abolished as per budget 2015?                                    [RBI Grade B 2015]
  A)
  Customs duty         done clear
  B)
  Wealth tax done clear
  C)
  Surcharge on Income tax done clear
  D)
  Entertainment tax done clear
  E)
  Service tax done clear
  View Solution play_arrow