Polity (The Finance Commission) MCQ

17. Consider the following statements. In India taxes on transactions in Stock-Exchanges and Futures Markets are
1. Levied by Union
2. Collected by the State Government
Code
(A) Only 1
(B) Only 2
(C) Both 1 and 2
(D) Neither 1 nor 2

18. The Finance Commission consists of a Chairman and
(A) Seven other members
(B) Five other members
(C) Four other members
(D) Such other members as may be decided by the President from time-to-time

19. Consider the following statements and select the correct answer from the code given below.
Assertion (A): State Finance Commission is a Constitutional body.
Reason (R): Union Finance Commission cannot recommend financial assistance to Panchayats.
Code
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)
(B) Both (A) and (R) are true, but (R) is not the correct explanation of (A)
(C) (A) is true, but (R) is false
(D) (A) is false, but (R) is true

20. Consider the following statements. The function(s) of the Finance Commission is/are
1. To allow the withdrawal of the money out of the Consolidated Fund of India.
2. To allocate among the States the shares of proceeds of taxes.
3. To consider applications for grants-in-aid from States.
4. To supervise and report on whether the Union and State Governments are levying taxes in accordance with the budgetary provisions.
Which of these statements is/are correct?
(A) Only 1
(B) 2 and 3
(C) 3 and 4
(D) 1, 2 and 4

21. Article 280 of the Indian Constitution lays down the establishment of the.
(A) Planning Commission
(B) Inter-State Council
(C) River Waters Tribunal
(D) Finance Commission

22. Which one of the following statements about the 15th Fifteenth Finance Commission is NOT correct?
(A) The 15th Fifteenth Finance Commission was appointed by the Government of India in November 27, 2017.
(B) Sri N.K. Singh is its Chairman.
(C) The recommendations of the commission will cover the five year period 2021-26.
(D) The commission has been asked to submit its report by August 30, 2020.

23. The first Finance Commission of India was set up in the year:
(A) 1956
(B) 1965
(C) 1951
(D) 1948

24. Who among the following is the 15th Chairman of the Finance Commission of India?
(A) C. Rangarajan
(B) Vijay L. Kelkar
(C) Y. V. Reddy
(D) N.K Singh

25. Who determines the centre – state financial relations from the following?
(A) Ministry of Finance
(B) National Development Council
(C) Planning Commission
(D) Finance Commission

26. Who was the Chairman of the first Finance Commission of India?
(A) K. C. Niyogi
(B) Mahavir Tyagi
(C) K. Santhanam
(D) Y. B. Chavan

27. Which of the following statements is/are correct about the Finance Commission of India?
1. The eligibility of members of the Finance Commission is determined by the President.
2. The First Finance Commission was constituted in 1951.
3. The President of India constitutes the Finance Commission every 5 years.
4. Chairman of Finance Commission submits his report to the Parliament of India.
(A) 1 and 2 only
(B) 2 and 3 only
(C) 3 and 4 only
(D) 1 and 4 only

28. The controlling authority of government expenditure is ?
(A) The Reserve Bank of India
(B) The Planning Commission
(C) The Finance Ministry
(D) The Finance Commission

29. With respect to the Finance Commission, consider the following statements:
1. The Finance Commission is a statutory body
2. Recommendations made by the Finance Commission are only advisory in nature
Which of the statement(s) given above is/are incorrect?
(A) 1 only
(B) 2 only
(C) Both 1 and 2
(D) Neither 1 nor 2

30. When is the report submitted by the Finance Commission available in the public domain?
(A) After the submission of the report to the President.
(B) After the approval of the President
(C) After it is presented to Prime Minister
(D) After the report is tabled in the Parliament

31. Which are the two base years of the population taken by the 15th Finance Commission for the tax calculation for states?
(A) 1971 and 2001
(B) 1971
(C) 2011
(D) 1981, 2011

32. Which of the following is not a member of the 15th Finance Commission?
(A) Dr. Rajiv Kumar
(B) Dr. Ashok Lahiri
(C) Ajay Narayan Jha
(D) Dr. Ramesh Chand

 

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