Q221. Consider the following statements: In India, stamp duties on financial transactions are: 1. Levied and collected by the State Government 2. Appropriated by the Union Government Which of these statements is/are correct?

Consider the following statements: In India, taxes on transactions in Stock Exchanges and Futures Markets are 1. levied by the Union 2. collected by the States

Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct?

With reference to Union Budget, consider the following statements : 1. The Union Finance Minister on behalf of the Prime Minister, lays the Annual Financial Sta

Consider the following statements: The function(s) of the Finance commission is/are: 1. to allow the withdrawal of the money out of the Consolidated Fund of Ind

Which one of the following statements is correct as per the Constitution of India?

With reference to the Finance Bill and Money Bill in the Indian Parliament, consider the following statements: 1. When the Lok Sabha transmits the Finance Bill

Consider the following statements: 1. Part IX of the Constitution of India provisions for Panchyats and was inserted by the Constitution (Amendment) Act, 1992.

What is the difference between “vote-on-account” and “interim budget”? 1. The provision of a “vote-on-account” is used by a regular Government, while an “interi

With reference to the Government of India Act, 1935, consider the following statements: 1. It provided for the establishment of an All India Federation based on

With reference to the Union Government, consider the following statements: 1. The Department of Revenue is responsible for the preparation of the Union Budget t

Consider the following statements: 1. The Parliament of India can place a particular law in the Ninth Schedule of the Constitution of India. 2. The validity of

With reference to Indian public finance, consider the following statements: 1. Disbursements from Public Accounts of India are subject to the Vote of the Parlia

Consider the following statements: 1. An amendment to the Constitution of India can be initiated by an introduction of a bill in the Lok Sabha only. 2. If such

Consider the following statements: 1. It is the Governor of the State who recognises and declares any community of that State as a Scheduled Tribe. 2. A communi

Which of the following statements is/are correct? 1. A Bill pending in the Lok Sabha lapses on its prorogation. 2. A Bill pending in the Rajya Sabha, which has

With reference to the Constitution of India, consider the following statements: 1. No High Court shall have the jurisdiction to declare any central law to be co

Consider the following statements in respect of financial emergency under Article 360 of the Constitution of India: 1. A proclamation of financial emergency iss

Which one of the following situations best reflects “Indirect Transfers” often talked about in media recently with reference to India?

Consider the following items: 1. Cereal grains hulled 2. Chicken eggs cooked 3. Fish processed and canned 4. Newspapers containing advertising materia

What is/are the most likely advantages of implementing ‘Goods and Services Tax (GST)’? 1. It will replace multiple taxes collected by multiple authori

Under which of the following circumstances may ‘capital gains’ arise? 1. When there is an increase in sales of product 2. When there is a natural incr

Which one of the following is not a feature of “Value Added Tax”? (a) It is a multi-point destination-based system of taxation (b) It is a tax levied

In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years?

Consider the following: 1. Fringe Benefit Tax 2. Interest Tax 3. Securities Transaction Tax Which of the above is/are Direct Tax/Taxes?

Which of the following is not a recommendation of the task force on direct taxes under the chairm-anship of Dr. Vijay L. Kelkar in the year 2002?