Excess of government's revenue expenditure over revenue receipts is termed as _____________.

Correct option is C

The correct answer is (C) revenue deficit.

When a government's revenue expenditure is more than its revenue receipts, it's called a revenue deficit. This means that the government's earnings aren't enough to cover its daily operations. 

Explanation:

• Revenue expenditure: The money the government spends on day-to-day operations, like salaries, pensions, and interest payments
• Revenue receipts: The money the government receives from taxes and other sources

A revenue deficit can be a sign of a country's financial health. It can lead to inflation, increased debt, and a reduced ability to provide public services.

Additional information:

• Capital receipts are funds received by a government or organization from non-operational sources. They are usually non-recurring and are used to finance long-term investments or pay off debts.
• Capital expenditure (CapEx) refers to the money spent towards acquiring, upgrading, or renovating long-term fixed assets that contribute to a company's growth and revenue-generating capacity. Buildings, plants, machinery, and vehicles are some long-term fixed assets that companies generally acquire or upgrade.
• Income tax is a tax charged on the annual income of an individual or business earned in a financial year. The Income Tax system in India is governed by The Income Tax Act, 1961, which lays out the rules and regulations for income tax calculation, assessment, and collection.