Question
Download Solution PDFTaxes like gift tax, wealth tax etc are also referred to as which type of taxes?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFKey Points
- Direct taxes are taxes that are paid directly to the government by the individual or organization on whom it is imposed.
- Examples of direct taxes include gift tax, wealth tax, income tax, etc.
- These taxes are generally progressive, meaning the rate increases as the taxable amount increases.
- Direct taxes are considered more equitable because they are based on the ability-to-pay principle.
Additional Information
- Direct taxes are administered and collected by the Central Board of Direct Taxes (CBDT) in India.
- The CBDT is a part of the Department of Revenue under the Ministry of Finance.
- Direct taxes play a critical role in the revenue generation of a country and are used for various public services and infrastructure development.
- Unlike indirect taxes, direct taxes cannot be shifted to another person or entity.
- Compliance with direct tax regulations is mandatory for all eligible taxpayers to avoid penalties and legal actions.
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