Question

All money received by or on behalf of the government of India are credited to ________.
(A) the Consolidated Fund of India
(B) the Public Account of India
(C) the Contingency Fund of India
(D) Either (A) or (B)

Answer 1

Hint: "Consolidated Fund" or "united income store" is a term utilized in numerous states with political frameworks obtained from the Westminster framework to portray the principal ledger of the public authority. General tax collection is tax assessment paid into the solidified asset for general spending, rather than hypothecated charges reserved for explicit purposes.

Complete answer:
The Consolidated Fund of India incorporates incomes, which are gotten by the public authority through duties and costs caused as borrowings and credits. It speaks to one of the three pieces of the Annual Financial Statement with the other two: The Contingency Fund and Public Account. All administration uses are met by solidified assets aside from a couple of made by possibility asset or public asset. The Consolidated Fund of India was made under Article 266 of the Constitution. It is likewise considered as the main piece of the fiscal summary. Like the Centre, each state has its own Consolidated Fund too. All the public authority income created from charges, resource deals, profit from state-run organizations, and so on go into the Consolidated Fund of India. The asset gets cash from:
Income procured indirect expenses, for example, annual duty, corporate assessment, and so forth
Income procured in aberrant assessments, for example, GST
Profits a lot from PSUs (Public Sector Undertakings)
Cash procured through the public authority's overall administrations
Disinvestment receipts
Obligation reimbursements
Credit recuperations

Thus, option (A) is correct.

Note: The payment charged on the Consolidated Fund or Charged Expenditures are non-votable charges. No democratic happens for the withdrawal of these uses from the Consolidated Fund of India. These charges must be paid if the Budget is passed.