Question map
Not attempted Correct Incorrect ★ Bookmarked
Loading…
Q37 (IAS/2011) Polity & Governance › Constitutional Basics & Evolution › Constitutional structure Answer Verified

All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the

Result
Your answer: —  Â·  Correct: C
Explanation

According to Article 266(1) of the Constitution of India, all revenues received by the Union Government, including tax revenues like income tax and excise, as well as non-tax receipts from the conduct of government business (such as Railways and Posts), are credited to the Consolidated Fund of India [6]. This fund also includes all loans raised by the government through treasury bills or internal/external loans, and moneys received in repayment of loans [6]. Money can only be withdrawn from this fund after parliamentary approval [2]. In contrast, the Contingency Fund (Article 267) is an imprest for unforeseen expenditures [2], and the Public Account (Article 266(2)) handles transactions where the government acts as a banker, such as provident funds and small savings [6]. Deposits and Advances are a sub-category within the Public Account [4].

Sources

  1. [1] https://coa.delhi.gov.in/pao/chapter-1
  2. [2] https://cag.gov.in/uploads/old_reports/union/union_compliance/2000/Civil/2000_book1/chapter1.pdf
  3. [6] https://finance.odisha.gov.in/sites/default/files/2020-04/chap_4.pdf
  4. [4] Indian Economy, Nitin Singhania .(ed 2nd 2021-22) > Chapter 5: Indian Tax Structure and Public Finance > Components of Fiscal Policy > p. 83
How others answered
Each bar shows the % of students who chose that option. Green bar = correct answer, blue outline = your choice.
Community Performance
Out of everyone who attempted this question.
50%
got it right
✓ Thank you! We'll review this.

SIMILAR QUESTIONS

CDS-II · 2020 · Q1 Relevance score: 1.14

As per the Budget Estimates of 2019-20, the following are some of the important sources of tax receipts for the Union Government: 1. Corporation Tax 2. Taxes on Income other than Corporation Tax 3. Goods and Services Tax 4. Union Excise Duties Which one of the following is the correct descending order of the aforesaid tax receipts as a· percentage of GDP?

IAS · 2015 · Q60 Relevance score: 0.45

With reference to the Union Government, consider the following statements : 1. The Department of Revenue is responsible for the preparation of Union Budget that is presented to the Parliament. 2. No amount can be withdrawn from the Consolidated Fund of India without the authorization from the Parliament of India. 3. All the disbursements made from Public Account also need the authorization from the Parliament of India. Which of the statements given above is/are correct?

CAPF · 2013 · Q111 Relevance score: 0.00

The following are some important sources of tax revenue for the Union Government in India : 1. Corporation tax 2. Customs 3. Union excise duties 4. Service tax Arrange the aforesaid sources of revenue in ascending order as per the Budget Estimates for 2013-1 4.

CDS-I · 2017 · Q69 Relevance score: -0.56

Which one of the following is not a component of Revenue Receipts of the Union Government?

CDS-II · 2024 · Q13 Relevance score: -1.51

Which one among the following items comprises the major portion of revenue expenditure of the Union Government of India? (a) Salaries (b) Interest Payments (c) Road Transport and Highways (d) Defence Services