Quick Answer: Which Is Not A Direct Tax?

Are all taxes direct?

A direct tax is one that the taxpayer pays directly to the government.

These taxes cannot be shifted to any other person or group.

Ultimately, individuals pay almost all taxes.

Businesses and corporations use a tax shift to pass taxes on to their customers, clients, patients, employees, and stockholders..

Is TDS direct or indirect tax?

Tax Deducted at Source or TDS is a way of collecting indirect tax by The Government of India, as per the Income Tax Act, 1961. TDS that comes under IRS (Indian Revenue Service) is directly managed by CBDT (The Central Board of Direct taxes). TDS is collected in order to keep the revenue source stable for the govt.

What is the percentage of direct tax in India?

Tax Rate for the Different Types of Direct TaxTax slabIncome taxUp to Rs.2.5 lakhNilFrom Rs.2,50,001 to Rs.5,00,0005% of the total income that is more than Rs.2.5 lakh + 4% cessFrom Rs.5,00,001 to Rs.10,00,00020% of the total income that is more than Rs.5 lakh + Rs.12,500 + 4% cess1 more row

Which are direct taxes?

A direct tax is paid by an individual or organization to the entity that levied the tax. Direct taxes include income tax, property tax, corporate tax, estate tax, gift tax, value-added tax (VAT), sin tax, and taxes on assets.

Which of the following is not an example of indirect tax?

2. Which of the following is indirect tax? Explanation: Income tax, wealth tax and corporation tax are all direct taxes and levied by the central government. Sales tax, Excise duty and custom duty are indirect taxes.

What is called tax haven?

A tax haven is generally an offshore country that offers foreign individuals and businesses little or no tax liability in a politically and economically static environment. Tax havens also share limited or no financial information with foreign tax authorities.

What are the disadvantages of direct taxes?

These are:Lack of Popularity: First, such taxes are not very popular, because the people have to bear the burden of such taxes directly. … Evasion: The second disadvantages of a direct tax is that it is liable to be evaded. … People’s Indifference: ADVERTISEMENTS: … Disincentive to Work and Save:

Which tax is leviable on imports?

Following are the rates of duties and taxes leviable on such imported goods: Basic Custom Duty @ 10% Education Cess @ 3% IGST @18%

Is GST an indirect tax?

Goods and Services Tax (GST) It is a single, comprehensive, indirect tax which is imposed on all the goods and services as per the tax slabs laid by the GST council.

What are the examples of direct and indirect tax?

Examples of indirect taxes are excise tax, VAT, and service tax. Examples of direct taxes are income tax, personal property tax, real property tax, and corporate tax.

Is sales tax indirect or direct?

Sales taxes are an example of a tax that falls into both categories; direct and indirect. They are classified as direct taxes if they are imposed only on the final supply to a consumer, but if they are imposed as value-added taxes during the production process, then they count as indirect taxes.

How many types of direct tax are there?

two typesThe Government of India levies two types of taxes on the citizens of India – Direct Tax and Indirect Tax. Indirect taxes are usually transferred to another person after being initially levied as a direct tax. Common examples of an indirect tax include Goods and Services Tax (GST) and VAT.

What is the highest rate of direct tax in India?

Income Tax Slabs and Rates for Financial Year: 2019-20Income Tax SlabIndividuals below the age of 60 yearsUp to `2,50,000Nil2,50,001 to 5,00,0005%5,00,001 to 10,00,00012,500 + 20% of total income exceeding 5,00,000Above 10,00,0001,12,500 + 30% of total income exceeding 10,00,000

Which of the following is the direct tax in India?

Notes: Direct tax is a tax directly paid to the government by the individuals or organizations on whom it is imposed. The main examples of Direct Taxes are Income Tax, Gift Tax, Wealth Tax, Property Tax etc. This question is part of 20000+ General Studies MCQ Series Course on GKToday Android app.

What is direct tax and its types?

Direct Taxes vs. There are basically two types of taxes – direct and indirect taxes. The following are the differences between the two: Direct taxes refer to taxes that are filed and paid by an individual directly to the government. Indirect taxes, on the other hand, are taxes that can be transferred to another entity.