Tag: government budget and taxation

Gift Tax was abolished in India in 1998. While Wealth Tax was also abolished later, Gift Tax is the correct answer in the context of common historical tax reforms.

Entertainment tax is a state-level tax in India. Corporate tax, Income tax, and Customs duties are levied by the Central Government.

Gift Tax is a direct tax, as it is levied on the donor or recipient directly. Sales Tax, Excise Duty, and Custom Duty are all indirect taxes.

Corporate income tax is typically levied at a flat rate on the profits of a company, whereas personal income tax uses a progressive slab system.

Personal income tax is structured with different tax slabs, where higher income levels are subject to higher marginal tax rates.

Corporate tax is the specific tax levied on the net income or profit of corporations and registered companies.

Personal Income Tax applies to the income of individuals, Hindu Undivided Families (HUF), and unregistered firms, as these entities are taxed under the personal income tax framework.

Corporate tax is specifically designed for legal entities like companies and corporations, distinct from individuals or partnerships.

Corporate tax is levied on the net profits of a company before the distribution of dividends to shareholders.

Wealth Tax was a direct tax imposed on the net wealth or assets owned by an individual or entity above a certain threshold.