Direct tax kitty gathers steam, up 20.25% by February 10
Direct tax kitty gathers steam, up 20.25% by February 10
Current Affairs Daily Articles & Editorials
La Excellence IAS Academy | February 12, 2024 | Economy
Syllabus: GS-III
Subject: Economy
Topic: Taxation
Issue: Direct Taxes.
Context: India’s net direct tax collections rose by 20.25%.
Prelims Connect (Terms in News):
Personal Income Tax:
· This tax is imposed by the government on an individual’s income. · Most individuals do not pay the individual income tax on the full amount of income due to tax exemptions, deductions, and credits. Corporate Income Tax: · It is called company tax or corporation tax and is a direct tax levied on a company’s income or capital by the government. Direct Tax: · A direct tax is imposed directly upon the taxpayer and is paid by individuals directly to the Government. · The Central Board of Direct Taxes is responsible for levying and collecting. Indirect Tax: · End users pay these taxes; everyone pays the same amount of indirect taxes. · Transfer of liability is possible in indirect tax.
|
Source: The Hindu
Leave a Reply
You must be logged in to post a comment.