New Register here for RBI, SEBI & NABARD strategy workshop! April 9 at 7 PM

    Question

    What does "net proceeds" mean as per Article 279 of the

    Constitution?
    A The total revenue generated from a tax or duty Correct Answer Incorrect Answer
    B The revenue from a tax or duty minus the expenses incurred in collecting it Correct Answer Incorrect Answer
    C The amount of tax or duty owed by individuals or entities Correct Answer Incorrect Answer
    D The interest accrued on tax payments Correct Answer Incorrect Answer
    E The penalties imposed for non-payment of taxes or duties Correct Answer Incorrect Answer

    Solution

    279. Calculation of "net proceeds", etc. (1) In the foregoing provisions of this Chapter, "net proceeds" means in relation to any tax or duty the proceeds thereof reduced by the cost of collection, and for the purposes of those provisions the net proceeds of any tax or duty, or of any part of any tax or duty, in or attributable to any area shall be ascertained and certified by the Comptroller and Auditor-General of India, whose certificate shall be final.

    Practice Next