Classify the following taxes into direct and indirect tax. Give reasons for your answer. (i) corporation tax (ii) entertainment tax

(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...

The answer is (A) Direct tax 

(d) Wealth tax and Income tax

(a) corporation tax 

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 not be...

(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 tax is a legally compulsory payment imposed by the government. The main differences between direct tax and indirect tax are as follows: (i) Final Burden: Direct taxes are those...

Direct tax is the tax whose liability to pay and incidence lies on the same person on whom it is levied. Indirect tax is the tax whose liability to pay...

(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) An expenditure that neither creates an asset nor reduces a liability is a revenue expenditure and an expenditure that either creates an assets or reduces a liability is called...