What is the difference between Direct &indirect tax?
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Answer / sreena
Direct tax is paid by assignee like Income tax. Indirect
tax is when we purchased an item if we pay vat it is
indirect tax
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / navin patel
Which tax not shifted any other Called direct tax as,income
tax,welth tax etc.
which tax shifted from any other its means collected by any
other colled indirect tax etc.sales tax,service tax, cst
etc.
| Is This Answer Correct ? | 5 Yes | 2 No |
Answer / shabd kumar choudhary
Direct taxes are those tax which are directly levied on the
assessee like income tax.
whereas indirect tax are those taxes which are not
directly levied on the assessee like sales tax
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / jagat babu sharma (9450123500)
Direct Tax has been calculated and payment made through
assessee i.e. self assessed by assessee e.g. Income Tax,
Wealth Tax etc. and that tax charged by any other liable
person whom to be collect such tax amount through assessee
and have to deposited the same in account of Tax Department
e. g. Sales Tax.
| Is This Answer Correct ? | 3 Yes | 0 No |
Answer / nitika
Direct tax is leived on persons and directly collected by
government.eg: income tax
indirect tax is leived on goods & services. eg: sale tax
| Is This Answer Correct ? | 4 Yes | 4 No |
Beginning Balance, Dec. 31, 20xx Creditable Income Tax 211,829.00 Income Tax Payable (132,808.00) > Balance 79,021.00 ITR (1st Quarter) - Jan. 31, 2016 - Mar. 31, 20xx Normal Tax (30% of Taxable Income) 2,205.02 MCIT (2% of Gross Income) 7,865.71 Aggregate Income Tax Due (Normal Tax vs. MCIT whichever is hihger) 7,865.71 Less: Tax Credits/Payments Prior Years Excess Credits 79,021.00 Creditable Tax Withheld - 79,021.00 Tax Payable, per return (71,155.29) What should be the entry in my book to record the above transactions? Thank you!
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