Q. Which of the following taxes given below are indirect taxes?

Select the correct answer using the codes given below:

1, 2 and 3 only

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1, 2 and 5 only

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3, 4 and 5 only

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2, 3 and 4 only

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Solution

The correct option is B 1, 2 and 5 only
Explanation:

Taxes are broadly classified into two categories - Direct and Indirect Taxes. A direct tax can be defined as a tax that is paid directly by an individual or organization to the imposing entity (generally government). Whereas, Indirect taxes are basically taxes that can be passed on to another entity or individual.

Option 3 and option 4 are incorrect because corporation tax and securities transaction tax are types of direct taxes.

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Similar questions

Which of the following taxes form the part of Consolidated Fund of India?

1) Terminal taxes on goods or passengers carried by railway, sea or air;

2) Taxes on railway fares and freights;

3) Taxes other than stamp duties on transactions in stock exchanges and futures markets;

4) Taxes on the sale or purchase of newspapers and on advertisements published therein;

Select the correct answer using the code given below.

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