36. Which one of the following taxes is leveid and collected by the Union but distrubuted between Union and States?

1. 1. Corporation Tax

   
   
   

   2. Tax on income other than on agricultural income

   
   
   

   3. Tax on railway fares and freights

   
   
   

   4. Custos

   
   
   

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   N/A

   Correct Option: B

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37. Which one of the following group of taxes collected by the Central Government and shared with the States?

1. 1. Income Tax, Corporate Tax, Custom Duty

   
   
   

   2. Income Tax, Corporate Tax, Excise Duty

   
   
   

   3. Excise Duty, Cess on Income, Corporate Tax

   
   
   

   4. Excise Duty, Cess on Income, Custom Duty

   
   
   

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   N/A

   Correct Option: B

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38. Fiscal Deficit is

1. 1. Total expenditure-Total receipts

   
   
   

   2. Revenue expenditure-Revenue receipts

   
   
   

   3. Capital expenditure-Capital receipt-Borrowings

   
   
   

   4. Sum of budget deficit and Government's market borrowings and Liabilities

   
   
   

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   N/A

   Correct Option: D

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39. Which authority recommends the principles governing the grants-in-aid of the revenues of the States out of the Consolidated Fund India?

1. 1. Public Accounts Committee

   
   
   

   2. Union Ministry of Finance

   
   
   

   3. Finance Commission

   
   
   

   4. Inter-State Council

   
   
   

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   Correct Option: D

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40. Who is the Chairman of the 12th Finance Commission?

1. 1. Prof D.T. Lakarawala

   
   
   

   2. Dr.C. Rangrajan

   
   
   

   3. Shri Digvijay Sinha

   
   
   

   4. Shri K.C. Pant

   
   
   

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1. View Hint View Answer Discuss in Forum

   N/A

   Correct Option: B

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