Categorize the following items into Direct and Indirect Taxes.
Statement-Corporation tax.
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Direct tax. Reason: Its impact and incidence lie on the same person.
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When total expenditure = ₹ 63 lakh, revenue receipts = ₹ 27 lakh, capital receipts = ₹ 44 lakh, capital receipts net of borrowings = ₹ 22 lakh, then fiscal deficit will be ₹ 14 lakh. (True/ False)