Q. Which of the following is not the rate of tax slab in the Union Budget 2020-21?
✅ Correct Answer: (D)
40%
Public Finance MCQs and Notes
Q. What is the biggest source of Income for the Central Government in the Union Budget 2020-21?
✅ Correct Answer: (D)
borrowings and other liabilities
Q. Interim budget is also known as....
✅ Correct Answer: (C)
both a and b
Q. Horizontal equity incorporates the notion that
✅ Correct Answer: (B)
those earnings equal incomes should pay same in taxes
Q. Who was the Chairman of the Seventh Finance Commission of India?
✅ Correct Answer: (A)
j. m. shelat
Q. Recommendations of first Finance Commission covered which of the following periods?
✅ Correct Answer: (B)
952-57
Q. Which of the following statements is not correct?
✅ Correct Answer: (B)
chairman of the first finance commission was mr. santhanam
Q. How many Finance Commissions have been constituted so far?
✅ Correct Answer: (C)
14
Q. Who establishes the Finance Commission in India?
✅ Correct Answer: (A)
president
Q. The main source of revenue of federal government is:
✅ Correct Answer: (D)
sales tax