New Upcoming Legal Jobs Free Workshop March 11 at 5 PM. Register here

    Question

    All revenues received by the Union Government by way of

    taxes and other receipts for the conduct of Government business are credited to the?
    A Contingency Fund of India Correct Answer Incorrect Answer
    B Public Account Correct Answer Incorrect Answer
    C Consolidated Fund of India Correct Answer Incorrect Answer
    D Deposits and Advances Fund Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Under Article 266 (1) of the Constitution of India, all revenues (example tax revenue from personal income tax, corporate income tax, customs and excise duties as well as non-tax revenue such as licence fees, dividends and profits from public sector undertakings etc.) received by the Union government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the Union Government in repayment of loans shall form a consolidated fund.

    Practice Next

    Relevant for Exams: