ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -What are the three primary sources of tax revenue? Individual income taxes, payroll taxes, and corporate income taxes are the three primary income streams for the federal government.

Detailed explanation-2: -Description: It gives a detailed report on revenue collected from different items like corporation tax, income tax, wealth tax, customs, union excise, service, taxes on Union Territories like land revenue, stamp registration etc. Taxes collected from both direct and indirect tax are considered in Tax Revenue.

Detailed explanation-3: -The sum of all receipts from the taxes and all other duties under the government are referred to as tax revenue. They are either from direct taxes or indirect taxes. It is the main source of regular receipts of the government and is categorized into Direct Taxes and Indirect Taxes.

Detailed explanation-4: -∴ Income Tax is an example of direct tax.

Detailed explanation-5: -What is Income Tax? The most common type of tax that eligible citizens have to pay to the government. A part of your income is paid to the government every year and the government uses this money to fund support the growth and development activities across the country.