Indian Economy Questions

The largest proportion of federal revenues comes from personal income taxes. Almost half of all federal revenue (47 percent) comes from individual income taxes.

The single-step income statement emphasizes

1. total revenues and total expenses.

2. Revenues

3. Expenses

4. Net income

The primary advantage of the single step fromat lies in its simple presentation and the absence of any implication that one type of revenue or expense item has priority over another.

IFSC stands for - Indian Financial System Code. This is a code uniquely identifies each bank branch participating in the two main Payment and settlement systems in India :

1. RTGS - The Real Time Gross Settlement  (and)

2. NEFT - The National Electronic Fund Transfer (NEFT) systems.