New Cracking SEBI General in 60 Days - Possible or Not?
Register

Question

Consider the following statements in regards to Union Budget 2023-24:

1.    The Government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26

2.    The highest surcharge rate on income above 5 crores from 37% to 25%

3.    Taxes on cigarettes increased by 20 per cent

 

Which of the statements given above is/are incorrect?

A 1 only Correct Answer Incorrect Answer
B 2 only Correct Answer Incorrect Answer
C 3 only Correct Answer Incorrect Answer
D All Correct Answer Incorrect Answer
E None Correct Answer Incorrect Answer

Solution

The Government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26. The highest surcharge rate on income above 5 crores from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income. The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick.  

Practice Next

Relevant for Exams:

×
×