Which of the following is not a tax revenue?

Which of the following is not tax revenue?

The correct answer is Interest tax. It is made up of two words revenue and receipts. Any income that does not generate a liability is revenue. For example, if the Government borrows money from World Bank, it will increase its liabilities (because this money has to be paid back)- so cannot be called revenue.

Which of the following is a tax revenue?

It includes collections from income tax, corporation tax, customs, wealth tax, tax on land revenue, etc. Direct tax is the tax that is paid directly to the government by the person or company on whom it is levied. Income tax, wealth tax, corporation tax and property tax are some examples of direct tax.

Which is not a tax revenue receipt?

What is Non-Tax Revenue? Non-Tax Revenue is the recurring income that is earned from the sources other than taxes by the government. They are the revenue receipts that are not generated by taxing the public.

What are the 5 major sources of revenue for the government?

In accordance with this system, the revenue of the central government includes tariff, consumption tax and value added tax levied by the customs, consumption tax, income tax of the enterprises subordinate to the central government, income taxes of the local banks, foreign-funded banks and non-bank financial

IMPORTANT:  Best answer: How is medical expenses tax deduction calculated?

What are the two sources of public revenue?

Taxes, taxes, the selling of public goods and services, fines, contributions, and many more are said to be the sources of public revenue. Also, tax and non-tax income are major sources of public revenue.

What are the sources of public revenue?

The government derives revenue in different ways from the public. The common methods of raising the resources are taxes, prices, fees, fines and penalties, gifts , grants, special assessment. Generally, tax revenue and non-tax revenue are considered as the sources of government revenue.

Is tax a revenue?

Tax revenue is defined as the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes, taxes on the ownership and transfer of property, and other taxes.

What are the sources of revenue receipt?

Components (Sources) of Revenue Receipts:

  • Components or sources of revenue receipts are explained below:
  • It comprises the following items:
  • (i) Interest:
  • (ii) Profits and Dividends:
  • (iii) Fees and Fines:
  • (iv) Special Assessment:
  • These are the following:
Tax portal