Chapter: Public Finance in India· Economics

Identify and explain the concept (any three): Ramakant paid an income tax of ₹ 80,000 during the financial year 2021-2022.

Q.2 (A) (ii) Identify and explain the concept (any three): Ramakant paid an income tax of ₹ 80,000 during the financial year 2021-2022.

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Answer: Direct tax

Concept: A direct tax is one whose impact and incidence fall on the same person; the person on whom it is levied bears its burden and cannot shift it to others.

Explanation: Ramakant pays income tax himself and cannot shift the burden, so it is a direct tax. Other examples are corporation tax and property tax.

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Identify and explain the concept (any three): Ramakant paid an income tax of ₹ 80,000 during the financial year 2021-2022.

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