| Which of the following is/are direct tax? |
| 1. Gift tax |
| 2. Wealth tax |
| 3. Service tax |
| Choose the correct one: |
A) Only 1 and 2
B) Only 2 and 3
C) Only 1 and 3
D) All 1, 2 and 3
Correct Answer: A
Solution :
[a] Income Tax and Corporation Tax are the two indirect taxes prevailing now. Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 195 7. A new legislation, Direct Taxes Code (DTC), was proposed to replace the two acts. However, the Wealth Tax Act was repealed in 2015 and the idea of DTC was dropped. As of 2015, Income Tax is the major source of direct tax in India.
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