{"id":2211,"date":"2024-03-05T15:29:21","date_gmt":"2024-03-05T15:29:21","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=2211"},"modified":"2024-03-05T15:29:21","modified_gmt":"2024-03-05T15:29:21","slug":"which-one-of-the-following-has-been-the-most-important-source-of-the-tax-revenue-of-the-union-government-in-2009-10","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/which-one-of-the-following-has-been-the-most-important-source-of-the-tax-revenue-of-the-union-government-in-2009-10\/","title":{"rendered":"Which one of the following has been the most important source of the tax revenue of the Union Government in 2009-10 ?"},"content":{"rendered":"

[amp_mcq option1=”Service Tax” option2=”Union Excise Duties” option3=”Corporation Tax” option4=”Income Tax” correct=”option4″]<\/p>\n

The correct answer is (d) Income Tax.<\/p>\n

Income tax is a tax levied on the income of individuals and businesses. It is the most important source of tax revenue for the Union Government. In 2009-10, income tax accounted for 39.7% of the total tax revenue of the Union Government.<\/p>\n

Service tax is a tax levied on the value of services provided. It is a relatively new tax, having been introduced in 1994. Service tax is the second most important source of tax revenue for the Union Government. In 2009-10, service tax accounted for 18.2% of the total tax revenue of the Union Government.<\/p>\n

Union excise duties are taxes levied on goods produced or manufactured in India. They are the third most important source of tax revenue for the Union Government. In 2009-10, union excise duties accounted for 17.9% of the total tax revenue of the Union Government.<\/p>\n

Corporation tax is a tax levied on the profits of companies. It is the fourth most important source of tax revenue for the Union Government. In 2009-10, corporation tax accounted for 14.2% of the total tax revenue of the Union Government.<\/p>\n

The other options are not as important as income tax as a source of tax revenue for the Union Government.<\/p>\n","protected":false},"excerpt":{"rendered":"

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