{"id":21412,"date":"2024-04-15T06:05:52","date_gmt":"2024-04-15T06:05:52","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=21412"},"modified":"2024-04-15T06:05:52","modified_gmt":"2024-04-15T06:05:52","slug":"the-annual-yield-from-which-of-the-following-union-government-taxes-is-the-highest-a-custom-duties-b-corporation-tax-and-income-tax-c-inheritance-tax-wealth-tax-interest-tax-and-gift-tax-d-exci","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-annual-yield-from-which-of-the-following-union-government-taxes-is-the-highest-a-custom-duties-b-corporation-tax-and-income-tax-c-inheritance-tax-wealth-tax-interest-tax-and-gift-tax-d-exci\/","title":{"rendered":"The annual yield from which of the following Union Government taxes is the highest? A. Custom duties B. Corporation tax and income tax C. Inheritance tax, wealth tax, interest tax and gift tax D. Excise duties"},"content":{"rendered":"<p>\r\n    <!-- Check if it's an AMP page -->\r\n            <!-- Non-AMP version -->\r\n        <div class=\"mcq-container\" data-quiz-id=\"quizState_6a9837bf8d25c\">\r\n                                            <div class=\"option\" data-option-key=\"option1\" data-is-correct=\"false\">\r\n                    Custom duties                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option2\" data-is-correct=\"true\">\r\n                    Corporation tax and income tax                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option3\" data-is-correct=\"false\">\r\n                    Inheritance tax, wealth tax, interest tax and gift tax                <\/div>\r\n                                            <div class=\"option\" data-option-key=\"option4\" data-is-correct=\"false\">\r\n                    Excise duties                <\/div>\r\n                            \r\n            <!-- Feedback messages for non-AMP -->\r\n            <div class=\"feedback\" data-feedback=\"wrong\">Answer is Right!<\/div>\r\n            <div class=\"feedback\" data-feedback=\"right\">Answer is Wrong!<\/div>\r\n        <\/div>\r\n\r\n        <script>\r\n        document.addEventListener('DOMContentLoaded', function () {\r\n            var containers = document.querySelectorAll('.mcq-container');\r\n\r\n            containers.forEach(function(container) {\r\n                var options = container.querySelectorAll('.option');\r\n                var feedbackSelect = container.querySelector('[data-feedback=\"select\"]');\r\n                var feedbackWrong = container.querySelector('[data-feedback=\"wrong\"]');\r\n                var feedbackRight = container.querySelector('[data-feedback=\"right\"]');\r\n\r\n                options.forEach(function(option) {\r\n                    option.addEventListener('click', function() {\r\n                        var selectedOption = option.getAttribute('data-option-key');\r\n                        var isCorrect = option.getAttribute('data-is-correct') === 'true';\r\n\r\n                        \/\/ Remove previous selections\r\n                        options.forEach(function(opt) {\r\n                            opt.classList.remove('correct', 'incorrect');\r\n                        });\r\n\r\n                        \/\/ Add the correct\/incorrect class\r\n                        if (isCorrect) {\r\n                            option.classList.add('correct');\r\n                            feedbackRight.hidden = false;\r\n                            feedbackWrong.hidden = true;\r\n                        } else {\r\n                            option.classList.add('incorrect');\r\n                            feedbackRight.hidden = true;\r\n                            feedbackWrong.hidden = false;\r\n                        }\r\n\r\n                        \/\/ Hide select feedback\r\n                        feedbackSelect.hidden = true;\r\n                    });\r\n                });\r\n            });\r\n        });\r\n        <\/script>\r\n    \r\n    <!--more--><\/p>\n<p>The correct answer is <strong>B. Corporation tax and income tax<\/strong>.<\/p>\n<p>Corporation tax is a tax on the profits of companies, while income tax is a tax on the income of individuals. Both of these taxes are levied by the central government and are the two largest sources of revenue for the government.<\/p>\n<p>Custom duties are taxes on goods imported into the country. They are levied by the central government and are designed to protect domestic industries from foreign competition. Inheritance tax, wealth tax, interest tax and gift tax are all taxes on wealth. They are levied by the central government <div class=\"youtube-subscribe-container\">\r\n        <a href=\"https:\/\/www.youtube.com\/channel\/UCNHT8lW-JmLC68rjBfZhdkg?sub_confirmation=1\" target=\"_blank\" class=\"youtube-subscribe-button\">\r\n            <span class=\"youtube-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 576 512\">\r\n                    <path d=\"M549.7 124.1c-6.3-23.7-24.8-42.3-48.3-48.6C458.8 64 288 64 288 64S117.2 64 74.6 75.5c-23.5 6.3-42 24.9-48.3 48.6-11.4 42.9-11.4 132.3-11.4 132.3s0 89.4 11.4 132.3c6.3 23.7 24.8 41.5 48.3 47.8C117.2 448 288 448 288 448s170.8 0 213.4-11.5c23.5-6.3 42-24.2 48.3-47.8 11.4-42.9 11.4-132.3 11.4-132.3s0-89.4-11.4-132.3zm-317.5 213.5V175.2l142.7 81.2-142.7 81.2z\"\/>\r\n           <div class=\"telegram-channel-container\">\r\n        <a href=\"https:\/\/t.me\/pscnotes2025\" target=\"_blank\" class=\"telegram-channel-button\">\r\n            <span class=\"telegram-icon\">\r\n                <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 496 512\">\r\n                    <path fill=\"white\" d=\"M248,8C111,8,0,119,0,256s111,248,248,248s248-111,248-248S385,8,248,8z M362,177L320,367c-3,14-10,18-20,14l-56-41l-27,26 c-3,3-5,5-10,5l4-63L323,196c5-5-1-7-8-3l-98,62l-42-13c-9-3-10-9,2-14l162-63C351,160,365,164,362,177z\"\/>\r\n                <\/svg>\r\n            <\/span>\r\n            Join Our Telegram Channel\r\n        <\/a>\r\n    <\/div>      <\/svg>\r\n            <\/span>\r\n            Subscribe on YouTube\r\n        <\/a>\r\n    <\/div> and are designed to redistribute wealth from the rich to the poor.<\/p>\n<p>Excise duties are taxes on goods produced and sold within the country. They are levied by the central government and are designed to raise revenue and to protect domestic industries from foreign competition.<\/p>\n<p>In 2020-21, the central government collected \u00e2\u0082\u00b913.63 lakh crore from corporation tax and \u00e2\u0082\u00b910.35 lakh crore from income tax. This is significantly higher than the revenue collected from custom duties (\u00e2\u0082\u00b97.41 lakh crore), excise duties (\u00e2\u0082\u00b93.79 lakh crore) and inheritance tax, wealth tax, interest tax and gift tax (\u00e2\u0082\u00b90.53 lakh crore).<\/p>\n<p>Therefore, the annual yield from corporation tax and income tax is the highest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Our Telegram Channel Subscribe on YouTube<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The annual yield from which of the following Union Government taxes is the highest? A. Custom duties B. Corporation tax and income tax C. 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