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With reference to the direct tax collections, consider the following statements:
1. India’s net direct tax collections have crossed ₹7 lakh crore so far this year, 23.33% more than the corresponding period last year.
2. Advance tax collections stood at ₹2,95,308 crore, 17% higher than the corresponding period of 2021-22.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
With reference to the direct tax collections, consider the following s...
India’s net direct tax collections have crossed ₹7 lakh crore so far this year, 23.33% more than the corresponding period last year, signalling a post-pandemic rebound in the economy, the Finance Ministry said.
  • Net direct tax collections as on Saturday stood at ₹7,00,669 crore, compared with ₹5,68,147 crore as of September 17, 2021, with corporate taxes constituting little over a half of the kitty at ₹3,68,484 crore.
  • The personal income tax and the securities transaction tax (STT) have yielded ₹3.3 lakh crore.
  • Advance tax collections stood at ₹2,95,308 crore, 17% higher than the corresponding period of 2021-22, with corporate tax contributing a little over ₹2.29 lakh crore and personal income tax bringing in the rest of the ₹66,176 crore.
  • The Ministry said there had been a “remarkable increase in the speed of processing of income tax returns filed during the current financial year” with almost 93% of the duly verified ITRs having been processed till September 17.
Hence both statements are correct.
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With reference to the direct tax collections, consider the following statements:1. India’s net direct tax collections have crossed 7 lakh crore so far this year, 23.33% more than the corresponding period last year.2. Advance tax collections stood at 2,95,308 crore, 17% higher than the corresponding period of 2021-22.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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With reference to the direct tax collections, consider the following statements:1. India’s net direct tax collections have crossed 7 lakh crore so far this year, 23.33% more than the corresponding period last year.2. Advance tax collections stood at 2,95,308 crore, 17% higher than the corresponding period of 2021-22.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to the direct tax collections, consider the following statements:1. India’s net direct tax collections have crossed 7 lakh crore so far this year, 23.33% more than the corresponding period last year.2. Advance tax collections stood at 2,95,308 crore, 17% higher than the corresponding period of 2021-22.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to the direct tax collections, consider the following statements:1. India’s net direct tax collections have crossed 7 lakh crore so far this year, 23.33% more than the corresponding period last year.2. Advance tax collections stood at 2,95,308 crore, 17% higher than the corresponding period of 2021-22.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
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