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Direct & Indirect Taxes

Income tax, c...

Question

Income tax, corporate tax, inheritance tax etc. are incident on the person or organisation. These taxes are called:

A

Local tax

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B

Indirect tax

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C

Direct tax

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D

None of the above

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Solution

The correct option is C
Direct tax

These are examples of direct taxes.

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Similar questions

Q. Personal income tax and corporate tax are two types of that are imposed on the income of individuals or of companies.

Q. Taxes levied on personal income, profits of the corporate, wealth and property is termed as ________ tax.

Q. The taxes on the profits of companies and corporates having businesses in India are called as corporate tax. Even foreign companies are charged tax on the income they earn in India.

The corporate tax rates for these companies are as follows:

Turnover	Indian companies	Foreign companies
Less than ₹50 crore	25%	40%
More than ₹50 crore	30%	40%

Identify the taxation system followed for the corporate tax.

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(ii) Excise tax

(iii) Sales tax

(iv) Income tax

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