BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A Sum of money that the Federal government pays its citizens for good behavior.
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A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot.
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A Sum of Money that the Federal Government charges its citizens to clean up their messes.
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A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services.
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Detailed explanation-1: -Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.
Detailed explanation-2: -Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.
Detailed explanation-3: -Stamp Duties are mentioned in the Union List shall be levied by the Government of India but collected and appropriated by the States. Was this answer helpful?
Detailed explanation-4: -Income Tax: This is the tax that is levied on the annual income or the profits which is directly paid to the government. Everyone who earns any kind of income is liable to pay income tax. For individuals below 60 years of age, the tax exemption limit is Rs. 2.5 lakh per annum.