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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (157)
 Taxation interview questions  Taxation Interview Questions (1892)
 Accounting General interview questions  Accounting General Interview Questions (2777)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
what is indirect tax?
 Question Submitted By :: Teju
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is indirect tax?
Answer
# 1
A tax that is not assessed on and collected from those who
are intended to bear it. Unlike a direct tax,it cannot take
individual circumstances into account. Although levied on
producers, the burden of an indirect tax may be 'shift' to
consumers.
Ex: value added tax, sales tax, payroll tax and excise duties.
 
Is This Answer Correct ?    263 Yes 45 No
Raju
 
  Re: what is indirect tax?
Answer
# 2
the producer the burden of the indirect tax may be shift to
the consumer.

Ex. service tax, payroll tax, sales tax, vat, central
excise duties, etc.,
 
Is This Answer Correct ?    162 Yes 50 No
Vinotha.v
 
 
 
  Re: what is indirect tax?
Answer
# 3
tax has been classified in two types direct tax and
indirect tax direct tax can not be trasfered to another
person where as indirect tax can be trasfered to another
person. direct tax is charged on persons and inderect tax
is charged on commodities. indirect tax collected by
manufacturer from distributor and distributor from retailer
and then retailer from consumer that means indirectly
collected from consumer in chain process where as direct
tax is olny collected from assessee
 
Is This Answer Correct ?    197 Yes 15 No
Rajesh
 
  Re: what is indirect tax?
Answer
# 4
THERE ARE TWO TYPE OF TAXES ONE IS DITECT TAX & ANOTHER IS
INDIRECT TAX. DIRECT TAX IS A TAX ON INDIVIDUAL PERSON
WHEREAS INDIRECT TAX IS A TAX ON GOODS & SERVICES. IN CASE
OF DIRECT TAX BURDEN OF TAX CAN NOT BE SHIFTED BUT IN CASE
OF INDIRECT TAX BURDEN OF TAX CAN BE SHIFTED.EG OF INDIRECT
TAX IS SERVICE TAX, SALES TAX, VAT ETC.IN CASE OF INDIRECT
TAX, TAX MAY BE INDIRECTLY COLLETED FROM CONSUMER,
RETAILER, OR MANUFACTURER.
 
Is This Answer Correct ?    93 Yes 19 No
Trupti
 
  Re: what is indirect tax?
Answer
# 5
Indirect Tax is charged not directly its charged by the
other third party but paid by the 1st (seller) to the gov.

For eg: we sale product Rs.200 to the party in this the
seller (1st party) add VAT @12.5% that means total amount
is R.225. then 2nd party sale the product in the market to
consumer with inclusive VAT . But the seller will submit
the tax to the gov. But this tax is paid by consumer.
 
Is This Answer Correct ?    60 Yes 21 No
Ruchi
 
  Re: what is indirect tax?
Answer
# 6
I think Direct Tax means,'Any income accrued/received by
any 'Person')liable to pay directly to GOVT.'.

INDIRECT TAX: 'Any expenditure incurred/accrued on any
goods/services is eligile for tax by any 'PERSON'liable to
pay indirectly to GOVT.
 
Is This Answer Correct ?    42 Yes 33 No
Vishal
 
  Re: what is indirect tax?
Answer
# 7
ohhhhhh silly question i think u all know about and many
friends tried also ... pls post something special guys....
 
Is This Answer Correct ?    34 Yes 77 No
Sai
 
  Re: what is indirect tax?
Answer
# 8
indirect tax is a tax which is paid not by the producer. it
is paid by the consumer of the goods. it is progressive in
nature.and the burden is less to the producer.the burden of
tax will levy on the person who spends his income and
incure expenditure.
 
Is This Answer Correct ?    39 Yes 20 No
Dinesh Vasu
 
  Re: what is indirect tax?
Answer
# 9
TAX is classifiesd in two catogaries .
Direct tax & Indirect tax, Indirect Tax are those tax which
is leived on comodities,a manufacturer charge from
distributor and distributor charge from wholesaler,
wholesaler from retailer,retailr charge from its customer.
The burden of these tax can be transfered to other.
example : valued added tax, sales tax etc.
 
Is This Answer Correct ?    32 Yes 16 No
Hitesh
 
  Re: what is indirect tax?
Answer
# 10
As everybody knows, tax may be direct or indirect. Direct
tax ix the tax, burden of which cannot be shifted to
others. e.g. income tax. In this the tax is paid by the
person who earns and nobody except him can pay his tax on
his behalf.

On the other hand there is indirect tax like sales tax.
In such type of tax the burden can be shifted to other
person.eg a manufacturer of printing paper pays sales tax
on sale of his product but later on he can receive the
amount of tax paid by the manufacturer from the buyer of
the goods.
 
Is This Answer Correct ?    39 Yes 13 No
Rekha Gusain
 

 
 
 
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what will i do to remove my fear in interviewee?   1
what is use in form 38 in sales tax   2
What's the difference between Delivery Challan and Out Gate pass and purpose of using these two formates.   2
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IN PROFIT AND LOSS ACCOUNT WE MAY EITHER GET PROFIT OR LOSS.SO WHY IT IS PROFIT AND LOSS ACCOUNT INSTEAD OF PROFIT OR LOSS ACCOUNT ?   6
what is the difference between company balace sheet and school balance sheet ?   2
WHAT IS A SHARE? India-Infoline 16
A company disposed its old asset at rate lesser than its wdv Then how it will recorede and under what account group   1
What is audit,auditing? Wipro 4
what is Internal Revenue Service (IRS) and Certificate Of Deposit (CD)? UBS 1
wt is stock split, dividends, rights issues,mergers and acquisitions, and spinn offs? Ness-Technologies 3
 
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