Advertisements
Advertisements
Question
Define the term 'tax'.
Solution
A tax is a legally compulsory monetary contribution to the government by different economic units such as households, firms, and other economic units. Taxes are imposed by the government on different activities, income, property, production, occupation, etc. The main motive of imposing taxes is to raise revenue and to incur various expenditures for enhancing the welfare of the country.
RELATED QUESTIONS
Give two examples of indirect taxes.
Define a Tax.
What is the difference between direct tax and indirect tax?
Explain the basis of classifying taxes into the direct and indirect tax. Give examples.
Distinguish between direct taxes and indirect taxes. Give an example of each
The non-tax revenue in the following is: (choose the correct alternative)
a. Export duty
b. Import duty
c. Dividends
d. Excise
A direct tax is called direct because it is collected directly from ______.
Define a ‘Direct tax’.
Answer the following question.
Highlight two differences between sales tax and income tax.
What do you mean by a direct tax?
Which of the following is an indirect tax?
Give one difference between a Direct tax and an Indirect tax.
State two merits of direct taxes.
With suitable examples, distinguish between Direct taxes and Indirect taxes.
How are direct taxes different from indirect taxes? (Any three points)
Name any two direct taxes.
Give one measure to overcome a deflationary gap.
