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India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore as of October 2023 Net collections stood at Rs. 9.57 lakh crore, 21.82 per cent higher than net collections for the comparable period of last year As far as Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections are concerned, the growth rate for CIT is 7.30 per cent while that for PIT is about 29 per cent Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.In the case of direct tax, the burden can’t be shifted by the taxpayer to someone else. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax Corporate Income Tax - The income-tax paid by domestic companies, and foreign companies on their income in India is corporate income-tax (CIT). The CIT is at a specific rate as prescribed by the income tax act subject to the changes in the rates in the union budget every year.Personal Income Tax-The income-tax paid by the individual taxpayers is the personal income tax. Individuals get taxed on the basis of tax slabs at different rates
Tungabhadra and Bhima rivers are tributaries of which river?
Consider the following regions of India:
1. Western Ghats
2. Aravali Hills
3. Eastern Himalayas
Which of the above...
The retreating Monsoon gives rainfall to:
Consider the following statements:
1. Great Nicobar is the northernmost island of the Nicobar Islands Archipelago.
2. The Mongoloid Shompe...
Which mountain range system is the highest and most extensive in Europe?
Consider the following statements:
1. The La Nina is the “cool phase” of El Nino-Southern Oscillation (ENSO).
2. The La Nina event hap...
Consider the following statements concerning the Peninsular block of India:
1. The Thar Desert is part of the Peninsular block.
2. Th...
Which of the following pairs is NOT correctly matched?
Consider the following statements regarding International borders:
1. Mizoram and Nagaland share a border with Myanmar only.
2. Sikkim is ...
Which of the following are the impacts of ‘La Nina’?
1. Increased temperatures in the Indian Ocean
2. Droughts in Australia
3. ...