Which one of the following is a combination of direct taxes? (Choose the correct alternative)
(a) Excise duty and Wealth tax
(b) Service tax and Income tax
(c) Excise duty and Service tax
(d) Wealth tax and Income tax.
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Consider the following taxes: 1. Corporation tax 2. Customs duty 3. Wealth tax 4. Excise duty
(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...
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Which one of the following is the correct statement? Service tax is a/an: (a) direct tax levied by the Central Government.
(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...
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A kind of tax called Taille was a/an: (A) Direct tax (B) Indirect tax (C) indiscriminate tax (D) Custom duty
The answer is (A) Direct tax
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Which of the following is a stock? (Choose the correct alternative). (a) Wealth
(a) Wealth.............
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Giving reason, explain how the following should be treated while estimating national income: (i) Payment of excise duty by a firm.
Reasons: (i) Payment of excise duty only increases the market value of final goods and services. Therefore, this is not included in the estimation of national income. (ii) Payment of interest by...
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Direct tax is called direct because it is collected directly from: (Choose the correct alternative) (a) The producers on goods produced
(d) The income earners.
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The Non-tax revenue in the following is: (Choose the correct alternative) (a) Export duty (b) Import duty
(c) Dividends
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Which of following is a direct tax? (Choose the correct alternative) (a) corporation tax (b) entertainment tax
(a) corporation tax
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Classify the following taxes into direct and indirect tax. Give reasons for your answer. (i) corporation tax (ii) entertainment tax
(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...
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Which of the following do not form part of duty drawback scheme? (a) Refund of excise duties
(d) Refund of income dock charges at the port of shipment
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