Question
Consider the following statements in the context of the
Finance Commission: 1. It is a constitutional body formed under Article 280 of the constitution. 2. The constitution specifies the qualifications of members of the commission. 3. Finance Commission is the final authority to certify the net proceeds of the taxes. Which of the statements given above is/are correct?Solution
Article 280 of the Constitution of India provides for a Finance Commission as a quasi-judicial body. Hence statement 1 is correct. The Constitution authorizes the Parliament to determine the qualifications of members of the commission and the manner in which they should be selected. For this purpose, the Finance Commission (Miscellaneous Provisions) Act, 1951 has been enacted. Hence statement 2 is not correct. • Under Article 279 -“net proceeds” of any tax or duty, or of any part of any tax or duty, in or attributable to any area shall be ascertained and certified by the Comptroller and Auditor-General of India, whose certificate shall be final. Hence statement 3 is not correct.
A vendor claims to sell sugar at cost price but uses a faulty scale that shows only 900 grams as 1 kg. What is the approximate profit percentage he earns?
A shopkeeper bought two articles for Rs. 500 each. If he sold one of them at 40% profit and the other at 25% loss, then find the difference between the ...
Kavita purchased a microwave oven for Rs. 24,200 and managed to sell it for Rs. 27,830. Determine her percentage profit.
A shopkeeper purchases rice of two varieties ‘A’ and ‘B’ at Rs. 21 per kg and Rs. 27 per kg respectively. He mixes 1 kg of variety ‘A’ rice ...
A shopkeeper planned to sell 150 shirts each priced at Rs 1,250 in a particular year. Each shirt, if it had been sold at the mentioned price would have ...
A shopkeeper marked an article x% above the cost price and sold it after two consecutive discounts of 20% and 25%. Find the value of ‘x’, if in this...
When a person sold an article, his profit% is 40% of the selling price. If the cost price is increased by 50% and the selling price remains the same, th...
Abhinav bought some pencils for ₹ X. He sold 20% of pencils at 25% loss, one third at 20% profit and the remaining at 25% profit. If the total profit ...
A person buys 5 tables and 9 chairs for Rs15,400. He sells the tables at 10% profit and chairs at 20% profit. If his total profit on selling all the tab...
A man sells an article at a certain price incurring 20% loss. If he had sold the same article for Rs. 20 more he would have earned 20% profit. What was ...
