Multiple choice

In which of the following taxes, do the impact and incidence fall on the same person?

  1. Wealth Tax

  2. Custom duty

  3. Sales Tax

  4. Excise duty
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A Correct answer
Explanation

It is wealth tax. The wealth tax is imposed on the wealth that possesses wealth like shares, cars, etc. It is to be paid by the person who has the wealth and its impact and incidence falls on the same person, as its burden cannot be shifted.

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