Direct tax collections grew by nearly 20 per cent between April and January this year with strong growth in both corporate and personal income tax receipts. Which among the following is not a direct tax?

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Corporate Tax
B	Sales Tax
C	Income Tax
D	Wealth Tax

Explanation:

Detailed explanation-1: -Direct Tax collection, net of refunds, stands at Rs. 12.31 lakh crore which is 19.55 % higher than the net collections for the corresponding period of last year. This collection is 86.68% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

Detailed explanation-2: -Detailed Solution. The correct answer is Corporate Tax. Corporate tax is the single largest source of income to the government of India.

Detailed explanation-3: -Corporation Tax has the largest contribution to the Gross Tax Revenue of Government of India 2019-20 (BE).

Detailed explanation-4: -Gross Total Income(GTI) [Section-80B(5)] : Defination under I.Tax. Income is Taxed in the same Year in which it is Earned.

There is 1 question to complete.