CA Foundation Exam > CA Foundation Videos > Business Economics for CA Foundation > Direct & Indirect Tax
Direct & Indirect Tax Video Lecture | Business Economics for CA Foundation
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FAQs on Direct & Indirect Tax Video Lecture - Business Economics for CA Foundation
| 1. What is the difference between direct and indirect taxes? |  |
Ans. Direct taxes are taxes that are directly levied on individuals or entities, such as income tax or property tax. These taxes are paid directly by the taxpayer to the government. On the other hand, indirect taxes are taxes that are levied on the sale or consumption of goods and services, such as value-added tax (VAT) or sales tax. These taxes are passed on to the consumers by the businesses that collect them.
| 2. What is the purpose of direct taxes? | |
Ans. The purpose of direct taxes is to raise revenue for the government and distribute the tax burden based on the ability to pay. Direct taxes are usually progressive, meaning that the tax rate increases as the income or wealth of the taxpayer increases. This helps to reduce income inequality and fund government programs and services.
| 3. What are some examples of indirect taxes? | |
Ans. Some examples of indirect taxes include goods and services tax (GST), customs duties, excise tax, and value-added tax (VAT). These taxes are typically included in the price of goods or services and are collected by businesses on behalf of the government.
| 4. How are direct and indirect taxes collected? | |
Ans. Direct taxes are usually collected through a system of withholding tax, where the employer deducts the tax from the employee's paycheck and remits it to the government. Indirect taxes, on the other hand, are collected by businesses at the point of sale and remitted to the government.
| 5. What are the advantages and disadvantages of direct and indirect taxes? | |
Ans. Direct taxes have the advantage of being progressive, meaning that they can help reduce income inequality. However, they can also be complex to administer and may result in tax evasion. Indirect taxes, on the other hand, are relatively easy to administer and collect. However, they tend to be regressive, meaning that they have a greater impact on low-income individuals or households. Additionally, indirect taxes may lead to higher prices for goods and services.
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Nov 16, 2024 Last updated |
Video Description: Direct & Indirect Tax for CA Foundation 2024 is part of Business Economics for CA Foundation preparation.
The notes and questions for Direct & Indirect Tax have been prepared according to the CA Foundation exam syllabus.
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Introduction of Direct & Indirect Tax in English is available as part of our Business Economics for CA Foundation for CA Foundation & Direct & Indirect Tax in
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Video Lecture & Questions for Direct & Indirect Tax Video Lecture | Business Economics for CA Foundation - CA Foundation full syllabus preparation | Free video for CA Foundation exam to prepare for Business Economics for CA Foundation.
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