Which of the following are included in the category of direct tax in India ? 1. Corporation Tax 2. Tax on Income 3. Wealth Tax 4. Customs Duty 5. Excise Duty Select the correct answer using the codes given below

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Q: 24 (CDS-I/2013)
Which of the following are included in the category of direct tax in India ?
1. Corporation Tax
2. Tax on Income
3. Wealth Tax
4. Customs Duty
5. Excise Duty

Select the correct answer using the codes given below—

question_subject: 

Economics

question_exam: 

CDS-I

stats: 

0,81,31,81,12,11,8

keywords: 

{'direct tax': [0, 0, 0, 1], 'tax': [0, 0, 0, 1], 'corporation tax': [0, 1, 0, 2], 'category': [1, 1, 1, 10], 'india': [8, 1, 7, 13], 'customs duty': [0, 0, 0, 1], 'income': [0, 3, 0, 0], 'wealth tax': [0, 0, 2, 1], 'excise duty': [0, 0, 0, 1]}

Option 1: The correct answer is 1, which includes Corporation Tax, Tax on Income, and Wealth Tax. Corporation Tax is a tax on the income of companies or corporations. Tax on Income refers to the tax levied on individuals or entities based on their income. Wealth Tax is a tax on the net wealth possessed by an individual or entity.

Option 2: This option includes Corporation Tax, Tax on Income, Customs Duty, and Excise Duty. Customs Duty is a tax levied on goods imported into or exported out of the country. Excise Duty is a tax levied on the production or sale of certain goods within the country. However, Customs Duty and Excise Duty are not considered direct taxes in India.

Option 3: This option includes only Tax on Income and Wealth Tax. As explained before, Tax on Income refers to the tax levied on individuals or entities based on their income. Wealth Tax is a tax on the net wealth possessed by an individual or entity.

Option 4: This option includes Corporation Tax, Wealth Tax, Customs Duty, and Excise Duty. As mentioned earlier, Customs Duty and Excise Duty are not classified as direct taxes in India.

Alert - correct answer should be option 1.