write down the salient features of income tax
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The tax revenue collected both by the Central and state Governments have increased from Rs 460 crore In 1951-52 to Rs 10,17,107 crore in 2008-09 registering an average growth of 13.9 per cent (over the 59 years period). There has thus been a significant increase in tax revenue. However, looked at another way, the tax revenue, which formed 88.6 per cent of-the total revenue receipts in 1951-52 declined to 84.1 per cent in 2008-09.
Two possible inferences that can be drawn from these figures are:
(a) The Central and State governments have been relying less on tax revenue to finance their expenditure; or
(b) Revenue from non-tax sources has been increasing at a faster rate.
hope it will help u
Two possible inferences that can be drawn from these figures are:
(a) The Central and State governments have been relying less on tax revenue to finance their expenditure; or
(b) Revenue from non-tax sources has been increasing at a faster rate.
hope it will help u
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