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

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

(A) income tax

(B) trade tax

(C) custom duty

(D) excise duty

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.

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%

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

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

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

(A) Higher

(B) Lower

(C) Same

(D) All of there

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

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

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

(A) 1948

(B) 1957

(C) 1976

(D) 1991