Q1. What is the primary purpose of the Finance Bill?
(A) To set the salaries of government officials.
(B) To define the powers and functions of the judiciary.
(C) To outline the government’s tax and spending plans for the year.
(D) To amend the Constitution of India.
Answer: (C)
To outline the government’s tax and spending plans for the year.
Q2. What type of bill is the Finance Bill considered under the Indian Constitution?
(A) Private Member’s Bill
(B) Ordinary Bill
(C) Money Bill
(D) Constitution Amendment Bill
Answer: (D) Money Bill
Q3. Which chamber of the Indian Parliament introduces the Finance Bill?
(A) The Rajya Sabha (upper house)
(B) The Lok Sabha (lower house)
(C) Both houses jointly
(D) The President of India
Answer: (B) The Lok Sabha (lower house)
Q4. What is the main feature of the Finance Bill 2024 regarding taxes?
(A) It introduces major changes to the tax structure.
(B) It focuses on maintaining the existing tax structure for the year.
(C) It abolishes all income taxes.
(D) It increases taxes for all income brackets.
Answer: (B)
It focuses on maintaining the existing tax structure for the year. A Finance Bill is a Money Bill as defined in Article 110of the Constitution.
- It is introduced annually in the Lok Sabha (lower houseof parliament) after the Union Budget presentation.
- It embodies the government’s budgetary proposalsfor taxation, spending, and other financial matters.
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करेंट अफेयर्स इंडिया ईयरबुक 2024 | Current Affairs India Yearbook 2024 PDF in Hindi