Direct tax kitty gathers steam, up 20.25% by February 10

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.





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