Question
Download Solution PDFWhich of the following is classified as a direct tax?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Wealth tax.
Key Points
- A Direct tax is paid by an individual or organization to the entity that levied the tax.
- The Central Board of Direct Taxes deals with matters related to levying and collecting Direct Taxes and the formulation of various policies related to direct taxes.
- A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets, FBT, Gift Tax, Capital Gains Tax, etc.
Additional Information
- An Indirect tax is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of the market price of the good or service purchased.
- Some examples of indirect taxes are sales tax, excise duty, VAT, service tax, entertainment tax, custom duty, etc.
- Indirect tax such as sales tax, a specific tax, value-added tax (VAT), or goods and services tax (GST) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax.
Last updated on Apr 30, 2025
->The Telangana HC Junior Assistant Provisional Response Sheet has been released.
-> Earlier, the Telangana High Court Junior Assistant 2025 Application Link was released.
-> Candidates had applied online from 8th to 31st January 2025.
-> A total of 340 vacancies have been released.
-> There are two stages of the selection process - Computer Based Examination and Document Verification.
-> Candidates between the age of 18 to 34 years are eligible for this post.
-> The candidates can practice questions from the Telangana High Court Junior Assistant Previous year papers.