what are the indirect taxes?
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Answer / aboo
indirect taxes are those which a person does not pay
directly to the government instead the company collect the
tax pays to the government eg.excise duty
| Is This Answer Correct ? | 9 Yes | 0 No |
Answer / akhilesh dhir
indirect taxes are those taxes which are collected by a co.
from the customer and deposit in the govt. account the
while direct tax pay directly by a person to the govt. like
income tax....
thanx
akhilesh dhir
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / ankit shah
TAX ON PROFIT IS CALLED AS DIRECT TAX (INCOME-TAX) AND TAX
ON GOODS AND SERVICES(EXCISE DUTY, SALES-TAX(NOW VAT),
SERVICE TAX ETC. . . ARE CALLED AS INDIRECT TAX
| Is This Answer Correct ? | 1 Yes | 0 No |
Answer / anchit saxena
a tax, such as service tax, tcs, vat that is levied on
goods or services rather than individuals & is ultimately
paid by consumer in the form of higher prices.
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In the Balance sheet of a company you see the following details, Liabilities: Provision for tax - AY 2008-09 RS 200000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 Assets: Advance Tax- AY 2008-09 RS 150000 AY 2009-10 RS 300000 AY 2010-11 RS 200000 On 15-03-2011, the assessment order for AY2008-09 was received and the final tax liability was stated to be RS 250000. Pass the journal entry for the closing of the relevant accounts in the books for the AY 2008-09.
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