The Union Budget 2024, to be presented on February 1st, is the final budget before the 2024 Lok Sabha elections. This complex document outlines the government’s financial plans for the upcoming year. But don’t worry, we’re here to help you navigate the jargon with this handy glossary!
1. The Union Budget of India is presented on which date?
(a) January 1st
(b) February 1st
(c) March 31st
(d) April 1st
2. What is the primary purpose of the Economic Survey?
(a) To propose changes to the tax system
(b) To outline the government’s spending plans
(c) To analyze the state of the economy
(d) To present the government’s borrowing requirements
3. What is the term for the temporary funding granted by Parliament before the budget is finalized?
(a) Appropriation Act
(b) Fiscal Deficit
(c) Vote on Account
(d) Minimum Alternative Tax
4. Which of the following is NOT a direct tax in India?
(a) Income tax
(b) Goods and Services Tax (GST)
(c) Corporate tax
(d) Capital gains tax
5. What is the main objective of disinvestment by the government?
(a) To reduce the fiscal deficit
(b) To increase government spending
(c) To privatize public sector undertakings
(d) To generate employment opportunities
Please provide your answers in the comment section!!
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