Tag: economics

Quizzes (361) Questions (3598)

Questions Related to economics

Multiple choice economics government budget and economy trade deficits, savings and investment public finance and budget public finance, taxes and budget

What are official reserve transaction balance?

  1. International reserves owned by Government or other Government agencies.

  2. International reserves owned by star trading houses

  3. GDR of blue chip companies

  4. Balance held in Swiss Bank A/c
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Official reserve transaction balance refers to the international reserves held by a government or its central bank to manage exchange rates and balance of payments. Other options like trading houses or blue chip companies do not hold official government reserves.

Multiple choice economics government budget and economy trade deficits, savings and investment public finance and budget public finance, taxes and budget

Micro Enterprise in Manufacturing Sector means an enterprise having original investment in Plant and Machinery not exceeding _______.

  1. Rs.25 Lakh

  2. Rs. 5 crore

  3. Rs. 10 crore

  4. Rs. 1 crore
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

According to the MSME Development Act in India, a micro enterprise in the manufacturing sector is defined by an investment in plant and machinery not exceeding Rs. 25 Lakh. This was the historical threshold before recent revisions.

Multiple choice economics government budget and economy trade deficits, savings and investment public finance and budget public finance, taxes and budget

Full convertibility of Rupee on Trade A/c was declared in _______.

  1. 1992-93

  2. 1989-90

  3. 1999-2000

  4. 1993-94
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Full convertibility of the Rupee on the trade account (current account) was introduced in India in the 1993-94 budget, following the economic reforms initiated in 1991.

Multiple choice economics tax and its importance taxation : need, principles and importance main feature of tax public revenue and taxation

Consider the following statements related to the tax litigations in the country and select the correct ones using the code given below:
1. The tax department of the country is the largest litigant at every level of the judicial hierarchy. 
2. The tax department of the country loses around $65$ per cent of the cases. 
3. There is serious need of enhancing the tax administration and pushing for legal sector reforms in the country. 

  1. 1 and 2

  2. 2 and 3

  3. 1 and 3

  4. 1, 2 and 3
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

India needs to simplify and enhance the effectiveness of her tax administration together with pushing in favour of needful kinds of legal sector reforms ( as was promised in the second generation of economic reforms in 1999−20001999−2000.)

Multiple choice economics tax and its importance taxation : need, principles and importance main feature of tax public revenue and taxation

Chairman of Tax Reform Committee was ________.

  1. Pranab Mukherjee

  2. KP. Narsimham

  3. S. Janakiraman

  4. Raja Chelliah
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Government appointed a Tax Reforms Committee under Prof Raja Chelliah to lay out agenda for reforming India’s tax system. This TRC came up with three reports in 1991, 1992 and 1993 with several measures.

Multiple choice economics tax and its importance taxation : need, principles and importance main feature of tax public revenue and taxation

Kelkar Committee report is related to _______.

  1. tax reforms

  2. financial sector reforms

  3. trade reforms

  4. administrative reforms
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Impetus to direct tax reforms in India came with the recommendations of the Task Force on Direct & Indirect Taxes under the chairmanship of Vijay Kelkar in 2002. The main recommendations of this task force related to the direct taxes related to increasing the income tax exemption limit, rationalization of exemptions, abolition of long term capital gains tax, abolition of wealth tax etc.