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T3 ECONOMICS CH1 Tax and its Importance — Social Science STD 7 — Question

Tamilnadu BoardEnglish MediumSTD 7Social ScienceT3 ECONOMICS CH1 Tax and its Importance2 Marks
Question
What are the types of tax? and explain its.
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Answer

Taxes are classified into two types. There are:
1. Direct Tax:
  • A Direct tax is paid directly by an individual or organisation to imposing entity
  • Eg: Income tax, Wealth Tax, etc.
2. Indirect Tax:
  • Indirect Tax is a tax whose burden can be shifted to others.
  • Eg: Service tax, Value added tax, etc.

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