Corporation tax: (a) is levied and appropriated by the States (b) is levied by the Union and collected and appropriated by the States

(b) Indirect taxes are the charges that are levied on goods and services. Some of the significant indirect taxes include Value Added Tax, Central Sales Tax, Central Excise Duty, Customs...

(b) All taxes which are the personal liability of an assessee come under direct taxes. They include income tax, professional tax, wealth tax, securities transaction tax, commodity transaction tax and...

(d) Fringe Benefits Tax (FBT) was the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India’s Finance Act 2005 and was...

(*) Best answer should be (1243). IFCI – July 1948; ICICI – 1955; IDBI – UTI – 1963 July 1964; the correct sequence is not given in the answer.

The answer is (A) Direct tax 

(d) The income earners.

(a) corporation tax 

(i) Revenue Receipts-The receipts which neither create any liability nor lead to any reduction in assets are called Revenue Receipts. Capital Receipts-Capital receipts are receipts that either create liability or...

(a) (i) Direct Tax-A tax which is paid by the same person on whom it has been levied is termed as Direct Tax. In case of direct tax, burden can...

(i) It is direct tax as its impact and incidence is on the same person. (ii) It is indirect tax as its impact and incidence are on different persons. (iii) It is...