Macro Economics

Question 1

Parts of revenue receipts

Answer 1

Tax revenue and non tax revenue

Question 2

Largest item of non tax revenue

Answer 2

Interest receipts
Others:
Dividends and profit on investments by gov
Services rendered by gov
Aid from foreign countries and international organizations

Question 3

Parts of revenue budget

Answer 3

Revenue receipts and capital expenditure

Question 4

Who prepares budget

Answer 4

Department of economic affairs

Question 5

Who prepares economic survey

Answer 5

Draft dept of economic affairs

Cso inputs : ministry of state and program implementation

Question 6

Chief economic advisor to FM

Answer 6

Arvind subramanian

Question 7

Theme 2015 Eco survey

Answer 7

Creating opportunity reducing vulnerability

Question 8

Annual financial statement

Answer 8

Article 112

Question 9

Finance bill

Answer 9

Article 256

Tax collect

Question 10

Appropriation bill

Answer 10

Article 266

Consolidated fund spending

Question 11

Consolidated fund

Answer 11

Revenues collected
Loans raised
Interest/principle

Need approval to spend

Question 12

Public account

Answer 12

National investment fund
Article 266
Nccf merged with ndrf
Small savings fund
Prarambhik sikha kosh
Mngrea fund
Pf,postal insurance etc

No parliament approval

Question 13

Contingency fund

Answer 13

Under president (finance secretary)
Around 500 crores
Article 267

Question 14

Vote on account

Answer 14

Every year
From Feb till April
Only expenditure
Valid 2-3 months only

Question 15

Interim budget

Answer 15

Election year/extreme situation
Not moral to make drastic changes for outgoing gov
Afs
Finance bill
Appropriate bill
Vote on account
New govt can change

Question 16

Parts of budget

Answer 16

Revenue and capital

Question 17

Direct tax

Union

Answer 17

Income/expenditure
Corporate tax and MAT
interest tax.   Removed
Hotel tax.   Removed
FBT.   REMOVED PRANAB

Security transaction tax
Capital gains tax
Wealth tax.  Removed jaitley
Estate duty.  Vpsingh
Gift tax.   Yeshwanth
Banking cash transaction tax

Question 18

Direct tax

State

Answer 18

Agri income tax
Professional tax(max 2500. 14th raise to 12k)

Land revenue
Stamp duty
Property tax in urban areas