Question : Which of the following statement are true?
- Revenue receipt involves loan from world bank.
- Revenue receipt involves income tax received by government.
Option 1: Both are true.
Option 2: Both are false.
Option 3: Statement 1 is true, statement 2 is false.
Option 4: Statement 1 is false, statement 2 is true.
Answer (1)
9th Jan, 2024
Correct Answer:
Statement 1 is false, statement 2 is true.
Solution :
Loan from world Bank is a capital receipt as it creates liability for the government.
Income tax received by government is the revenue receipts as it neither creates any liability nor reduces any assets.
Hence, Option D is correct.
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