Table of Contents
Which tax generates the most revenue in India?
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
What is the biggest source of income for the Central Government in the Union Budget 2020-21?
Q4: What is the biggest source of income for Central Govt in the Union Budget 2020-21? Answer: Borrowings and other liabilities account for 20% of the total income of the Central Government.
What is the biggest source of income for the Central Government in the Union Budget 2019-20?
2. What is the biggest source of Income for the Central Government in the Union Budget 2020-21? Explanation: Borrowings and other liabilities account for 20% of the total income of the Central Government.
Which is the India’s richest state?
HYDERABAD: Claiming that Telangana is the richest state in the country, chief minister K Chandrasekhar Rao said the state’s per capita income is over Rs 2.2 lakh which is higher than the national per capita income (GDP) of Rs 1 lakh. He said Telangana stands next only to Karnataka’s GSDP in the country.
What is the largest source of revenue in India?
Direct taxes (personal income tax and corporate tax) accounted for 51.3% of total revenues in 2016-17 and the rest came from indirect taxes.
Who presented the Union Budget 2021-22?
Smt Nirmala Sitharaman
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis.
What is the total expenditure in the Union Budget?
Revenue expenditure is estimated to be Rs 29,29,000 crore (annual increase of 12% over 2019-20). In 2020-21, total expenditure was 13% higher than the budget estimate, with revenue expenditure increasing by 15% and capital expenditure by 7%.
What was the tax increase in Union Budget 2019-20?
In the Union Budget 2019-20, the surcharge on income tax for individuals earning between two crore rupees and five crore rupees has been increased to 25% and for persons earning over five crore rupees has been increased to 37%.
How much does the federal government make in taxes?
Actuals Budget Estimates Revised Estimates Budget Estimates 2016-2017 2017-2018 2018-2019 2018-2019 REVENUE RECEIPTS 1. Tax Revenue Gross Tax Revenue 1715822.40 1911579.46 1946119.15 2271241.56 Corporation Tax 484923.86 538744.73 563744.73 621000.00 Taxes on Income 364604.38 441255.27 441255.27 529000.00 Wealth Tax 185.14 …
What are revised estimates in the Union Budget?
Revised Estimates (RE) are estimates of projected amounts of receipts and expenditure until the end of the financial year. Actual amounts are audited accounts of expenditure and receipts in a year. Sources: Budget at a Glance, Union Budget Documents 2019-20; PRS.