| The revenue account of the central government of India includes; |
| 1. Profit and dividends of PSUS |
| 2. Interest on loans from state governments |
| 3. Fees, fines and penalties |
| Choose the correct one: |
A) Only 1 and 2
B) Only 2 and 3
C) Only 1 and 3
D) All 1, 2 and 3
Correct Answer: D
Solution :
[d] Revenue receipts of the government are divided into two groups, namely, (i) tax revenue and (ii) non-tax revenue. Tax revenue consists of proceeds of taxes and other duties levied by the Union government such as income tax, corporate tax, excise duty, customs duty, service tax, etc. Income from sources other than taxes is called non-tax revenue. It arises on account of administrative function of the government. These are incomes which the government gets in the form of interest, dividend, profit, fees, fines and external grants
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