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With reference to the Weapon System branch for officers in the Indian Air Force (IAF), consider the following statements:
1. In 2022, net personal income tax collections increased at a lower rate than corporate income tax collections.
2. In 2022, Net direct tax collections had decreased as compared to last year.
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 'D'. Can you explain this answer?
Most Upvoted Answer
With reference to the Weapon System branch for officers in the Indian ...
  • According to Union Finance Ministry, India’s net direct tax collections till October 8 in the financial year 2022-23 have risen to ₹7.45 lakh crore, more than half of the Budget targets.
  • It is an increase of 16.3% over the tax inflows during the corresponding period a year ago.
  • Based on provisional data, net personal income tax collections grew 17.35%, rising faster than corporate income tax collections that were up 16.29% net of refunds.
  • Securities Transaction Tax (STT) collections combined with personal income tax receipts, grew at a more moderate 16.25%.
  • Underlining that direct tax collections continue to register a steady growth, the Ministry said tax refunds had jumped 81% over the preceding year to touch ₹1.53 lakh crore.
  • Net direct tax collections had crossed ₹7 lakh crore by September 17, 2022 and were 23.3% higher at the time, so there appears to have been a moderation in tax inflows in the intervening three weeks.
  • Gross revenues from direct taxes were at ₹8,36,225 crore on September 17, reflecting a 30.2% growth.
Hence both statements are not correct.
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With reference to the Weapon System branch for officers in the Indian Air Force (IAF), consider the following statements:1. In 2022, net personal income tax collections increased at a lower rate than corporate income tax collections.2. In 2022, Net direct tax collections had decreased as compared to last year.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 'D'. Can you explain this answer?
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With reference to the Weapon System branch for officers in the Indian Air Force (IAF), consider the following statements:1. In 2022, net personal income tax collections increased at a lower rate than corporate income tax collections.2. In 2022, Net direct tax collections had decreased as compared to last year.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 'D'. 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 Weapon System branch for officers in the Indian Air Force (IAF), consider the following statements:1. In 2022, net personal income tax collections increased at a lower rate than corporate income tax collections.2. In 2022, Net direct tax collections had decreased as compared to last year.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 'D'. 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 Weapon System branch for officers in the Indian Air Force (IAF), consider the following statements:1. In 2022, net personal income tax collections increased at a lower rate than corporate income tax collections.2. In 2022, Net direct tax collections had decreased as compared to last year.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 'D'. Can you explain this answer?.
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