Top 50 GK Questions for SSC Exam

Income Tax Questions with Answers

Q.41 Which one of the following is not an objective of fiscal policy of Indian Government?

(A) Full employment

(B) Price stability

(C) Equitable distribution of wealth and income

(D) Regulation of inter-State trade

Show Answer

Q.42 The tax on import and export is known as…

(A) income tax

(B) trade tax

(C) custom duty

(D) excise duty

Show Answer

Q.43 VAT is imposed.

(A) Directly on consumer

(B) On the final stage of the production

(C) On the first stage of the production

(D) On all stages between production and final sale.

Show Answer

Q.44 The extent of money transfer to states out of the sharable pool of tax collection according to the 12^th finance commission has been fixed at…..

(A) 29%

(B) 29.5%

(C) 30.5%

(D) 32.5%

Show Answer

Q.45 With what subject is Raghuram Rajan Committee connected?

(A) Austerity in Government Expenditure

(B) Financial Sector Reforms

(C) Export-Import Balance

(D) Rising Prices

Show Answer

Q.46 If interest payments are subtracted from Gross Fiscal Deficit, the residuary will be…..

(A) Gross Primary Deficit

(B) Budgetary Deficit

(C) Monetised Deficit

(D) Revenue Deficit

Show Answer

Q.47 As compared to revenue deficit, the fiscal deficit will always remain.

(A) Higher

(B) Lower

(C) Same

(D) All of there

Show Answer

Q.48 Who had suggested imposition of expenditure tax in India for the first time?

(A) Kalachi

(B) Kaldor

(C) R.J. Chelliah

(D) Gautam Mathur

Show Answer

Q.49 If the interest payment is added to the primary deficit, it is equivalent to….

(A) Budget deficit

(B) Fiscal deficit

(C) Revenue deficit

(D) Deficit financing

Show Answer

Q.50 When was the Wealth-tax first introduced in India?

(A) 1948

(B) 1957

(C) 1976

(D) 1991

Show Answer