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Question
State with reason whether you agree or disagree with the following statement:
Fines and penalties are a major source of revenue for the Government.
Options
Agree
Disagree
Solution
I Disagree with the above statement.
Reason:
The government imposes fines and penalties on those who violate the laws of the country. The objective of the imposition of fines and penalties is not to earn income, but to discourage the citizens from violating the laws framed by the Government. For example, fines for violating traffic rules. However, the income from this source is small.
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RELATED QUESTIONS
Choose the correct option:
Non-tax sources of revenue:
a) Direct and Indirect Tax
b) Direct Tax and Fees
c) Fees
d) Special Levy
Identify the right group of pairs from the given options.
| Group A | Group B |
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
Distinguish between the following concept:
Direct tax and Indirect tax.
Essential characteristics of a tax:
- It is a voluntary contribution to the government.
- Every citizen of the country is legally bound to pay the tax imposed upon him.
- Tax is imposed on income, property or commodities or services.
- The tax payer receives direct and proportionate benefits from the government in return for the tax.
Non tax revenue sources:
- Special assessment
- Fines and penalties
- Goods and Services tax
- Gifts, grants and donations
Income tax: Direct tax :: GST : ______.
Tax paid at the time of production or sale and purchase of a commodity or service −
Find the odd word
Non-tax revenue -
Identify & explain the concept from the given illustration.
Prakash paid an income tax of ₹ 62,000/- during the accounting year 2018-2019.
Explain any four non- tax sources of public revenue
Complete the correlation.
Personal Income tax : ______ :: Goods and service tax (GST) : Indirect tax.
Explain various sources of public revenue.
Identify the right group of pairs from the given options.
| i) | Direct tax | a) | Non tax revenue |
| ii) | Indirect tax | b) | Inflation |
| iii) | Fees and fines | c) | GST |
| iv) | Surplus Budget | d) | Personal income tax |
