UPSC Exam > UPSC Questions > Which of the following are direct taxes?1. We...
Start Learning for Free
Which of the following are direct taxes?
1. Wealth tax
2. Gift tax
3. Excise duty
4. Corporation tax
Select the correct answer using the code given below.
- a)1, 2, and 4 only
- b)2 and 3 only
- c)1, 3, and 4 only
- d)1, 2, 3 and 4
Correct answer is option 'A'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Exc...
Understanding Direct Taxes
Direct taxes are taxes that are levied directly on the income or wealth of individuals and corporations. They are paid directly to the government by the taxpayer.
Direct Taxes in the Given Options
1. Wealth Tax
- This tax is imposed on the total value of wealth owned by an individual or entity. It is a direct tax since it is based on the taxpayer’s wealth.
2. Gift Tax
- Gift tax applies to the transfer of money or property from one individual to another without receiving something of equal value in return. It is also a direct tax as it is levied on the recipient of the gift.
3. Excise Duty
- Excise duty is a type of indirect tax imposed on the manufacture or sale of goods within a country. Since it is not directly levied on income or wealth, it does not qualify as a direct tax.
4. Corporation Tax
- This tax is imposed on the profits of corporations. It is a direct tax because it is paid directly from the profits earned by the corporation.
Conclusion
Considering the definitions and classifications:
- Direct Taxes: Wealth tax, Gift tax, and Corporation tax.
- Indirect Tax: Excise duty.
Thus, the correct answer is option A: 1, 2, and 4 only. The inclusion of Excise duty in the other options misclassifies it as a direct tax.
Direct taxes are taxes that are levied directly on the income or wealth of individuals and corporations. They are paid directly to the government by the taxpayer.
Direct Taxes in the Given Options
1. Wealth Tax
- This tax is imposed on the total value of wealth owned by an individual or entity. It is a direct tax since it is based on the taxpayer’s wealth.
2. Gift Tax
- Gift tax applies to the transfer of money or property from one individual to another without receiving something of equal value in return. It is also a direct tax as it is levied on the recipient of the gift.
3. Excise Duty
- Excise duty is a type of indirect tax imposed on the manufacture or sale of goods within a country. Since it is not directly levied on income or wealth, it does not qualify as a direct tax.
4. Corporation Tax
- This tax is imposed on the profits of corporations. It is a direct tax because it is paid directly from the profits earned by the corporation.
Conclusion
Considering the definitions and classifications:
- Direct Taxes: Wealth tax, Gift tax, and Corporation tax.
- Indirect Tax: Excise duty.
Thus, the correct answer is option A: 1, 2, and 4 only. The inclusion of Excise duty in the other options misclassifies it as a direct tax.
Free Test
FREE
| Start Free Test |
Community Answer
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Exc...
- Direct Taxes:
- Direct taxes are levied on an individual’s property or company's property and revenue. Direct taxes are levied on businesses and individuals and are paid directly to the government.
- Direct taxes have an impact on people's income levels as well as their purchasing power. It also aids in the adjustment of the economy's aggregate demand. Direct taxation can be proportional, progressive, or regressive.
- Tax revenues, an important component of revenue receipts, comprise direct taxes – which fall directly on individuals (personal income tax) and firms (corporation tax), and indirect taxes like excise taxes (duties levied on goods produced within the country), customs duties (taxes imposed on goods imported into and exported out of India) and service tax.
- Other direct taxes are wealth tax, gift tax, and estate duty (now abolished). Hence option (a) is the correct answer.
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Similar UPSC Doubts
Top Courses for UPSCView all
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer?
Question Description
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer?.
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer?.
Solutions for Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Which of the following are direct taxes?1. Wealth tax2. Gift tax3. Excise duty4. Corporation taxSelect the correct answer using the code given below.a)1, 2, and 4 onlyb)2 and 3 onlyc)1, 3, and 4 onlyd)1, 2, 3 and 4Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup