Which entity is responsible for levying income tax in India? Option: "Ministry of Finance", "Reserve Bank of India", "Government of India", "Securities and Exchange Board of India"

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Which entity is responsible for levying income tax in India?

"Ministry of Finance"

"Reserve Bank of India"

"Government of India"

"Securities and Exchange Board of India"

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What is the primary source of income for the Indian government?

Dividends from Public Sector Companies

Direct Taxes

Loans from Foreign Governments

Indirect Taxes

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What is the primary purpose of the Indian government levying income tax?

To support private businesses and corporations

To fund personal investments for government officials

To generate revenue for public services and infrastructure

To discourage citizens from earning high incomes

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What type of tax is income tax classified as in India?

Direct Tax

Indirect Tax

Wealth Tax

Property Tax

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What are the two main sources of revenue for India Inc. (the Indian government)?

Taxes and subsidies

Taxes and non-tax revenue

Foreign aid and domestic borrowing

Exports and imports

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What is the primary purpose of income tax in India?

"To fund social security and free medical facilities"

"To discourage excessive income accumulation"

"To regulate economic activity and control inflation"

"To support government initiatives such as healthcare, education, and infrastructure"