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GENERAL SCENARIO OF INDIAN TAXATION Origin of Tax: The term “tax” comes from “taxation,” indicating an estimation process. Historical Presence: Direct taxation has been a part of India’s financial system since ancient times. Purpose of Taxation: Taxes are collected by the government to fund projects that boost the economy and improve citizens’ standard of living. …
Read MoreUnderstanding Public Finance Public finance is a crucial branch of economics that deals with the assessment of government revenue and expenditures. It aims at modifying these financial activities to achieve desirable outcomes and avoid adverse effects. This field covers the management of public money, including aspects such as the money a government receives, spends, borrows, …
Read MoreWhy in the news? Industrial output growth in India slows to 4.9% in March, attributed to a decline in mining and surge in electricity. source:wordpress About Industrial Output Growth Slows to 4.9% in March: India’s industrial output growth decelerated to 4.9% in March, down from 5.6% in February, as reported by the National Statistical Office. …
Read MoreWhy in the news? April witnesses a 27% surge in India’s total vehicle retail sales, with passenger vehicles contributing significantly, reports industry body FADA. Key Highlights of April Auto Retail Sales: According to industry body FADA, total vehicle retail sales in India experienced a significant increase of 27% year-on-year in April. The total number of …
Read MoreWhy in the news? Knight Frank survey reports India’s 13.3 million sq. ft. of ‘ghost shopping infrastructure’ across 29 cities, leading to $798 million loss. About Extent of Ghost Shopping Infrastructure in India: Survey Findings: Knight Frank India’s survey reveals India has 13.3 million square feet of ‘ghost shopping infrastructure’ across 29 cities. This led …
Read MoreConcept of Income Income represents the financial inflow that an individual, business, or any entity receives over a period, primarily as a compensation for providing labor, services, or products. This concept is pivotal in both personal finance and the broader economy, influencing decisions ranging from individual spending and savings to government tax policies and economic …
Read MoreDifference Between Economy and Economics Economy The term economy encompasses the collective activities of individuals and institutions in a specific region or country as they engage in the production, distribution, exchange, and consumption of goods and services. These activities are fundamentally social in nature and involve the processes of buying, selling, or bartering. The economy …
Read MoreWhy in the news? April’s services PMI eased to 60.8 from 61.2 in March, indicating a slight slowdown in expansion, driven by strong new orders. Overview of April’s Services Sector Performance: The HSBC India Services Business Activity Index dipped slightly from 61.2 in March to 60.8 in April, indicating a moderation in the pace of …
Read MoreSyllabus: GS-III: Indian Economy Why in the news? Inequality debate intensifies in India over Congress manifesto, sparking controversy about wealth redistribution and tax reforms. source:reddit Introduction: Debate Triggered by Congress Manifesto Congress manifesto release prompts economic redistribution discourse. PM Modiaccuses Congress of advocating wealth redistribution. Global context underscores the urgency of addressing economic inequality. Understanding the …
Read MoreWhy in the news? India advises ADB to maintain focus on poverty reduction while fostering sustainable growth, emphasising its critical role. About India’s Call to Asian Development Bank (ADB): Focus on Poverty Reduction: India emphasised the importance of not overlooking the ongoing efforts to reduce poverty while promoting sustainable growth. Intervention at ADB Meeting: During …
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