Which of the following is a non-tax revenue of the government?
A. Customs duty
B. Corporation tax
C. Interest receipts
D. Income tax
Answer: Option C
Solution (By JKSSB Mock Tests)
Non-tax revenue includes interest receipts, dividends and profits from PSUs, fees, fines, etc. Taxes like corporation tax, income tax and customs duty are tax revenues.
Explanation:
Duesenberry’s relative-income hypothesis posits that consumption depends on the individual’s rank in the income distribution and on the highest income previously attained (ratchet effect).
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