Answer: Option [C]The correct answer is taxes on mineral rights subject to any limitations imposed by the Parliament.
Answer: Option [A]The correct answer is Estate Duty. Inheritance tax is concerned with the taxation of value of property passing on death. India had Estate Duty from 1953 till it was abolished in 1985. The objective behind the reintroduction of an inheritance tax: To address the problem of economic inequality.
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Answer: Option [A]The Constitution of India provides for transfer of resources from Centre to States in the form of:
- Tax sharing
- Loans
- Grants-in-aid
Answer: Option [C]The correct answer is if the demand for the product has greater elasticity. An elastic demand or elastic supply is one in which the elasticity is greater than one, indicating a high responsiveness to changes in price.
Answer: Option [B]The Sarkaria Commission has been appointed by the Government of India to report on Centre-State relations. Sarkaria Commission was set up in 1983 by the central government of India. The Sarkaria Commission's charter was to examine the central-state relationship on various portfolios and suggest changes within the framework of the Constitution of India.
Answer: Option [C]The distribution of the burden of paying a tax is called Incidence of a tax. "Tax incidence" (or incidence of tax) is an economic term for understanding the division of a tax burden between stakeholders, such as buyers and sellers or producers and consumers. Tax incidence can also be related to the price elasticity of supply and demand.
Answer: Option [C]Grants from the Centre to the States under the recommendations of Finance Commission are known as Statutory grants.
Answer: Option [B]Funds not belonging to the Government are called Private Accounts.
Answer: Option [D]The correct answer is Savings, Finance and Investment. Capital formation occurs in three stages, which are the creation of savings, the mobilization of savings, and the investment of savings. All three of these stages are necessary in order to produce the capital needed to empower an economy to grow.
Answer: Option [C]The correct answer is Establishment of more Microfinance Organizations.
