{"id":1271,"date":"2021-08-04T05:54:13","date_gmt":"2021-08-04T05:54:13","guid":{"rendered":"https:\/\/www.wikitechy.com\/interview-questions\/?p=1271"},"modified":"2021-09-08T06:49:15","modified_gmt":"2021-09-08T06:49:15","slug":"what-is-tax","status":"publish","type":"post","link":"https:\/\/www.wikitechy.com\/interview-questions\/accounting\/what-is-tax\/","title":{"rendered":"What is Tax ?"},"content":{"rendered":"<div class=\"TextHeading\" style=\"text-align: justify;\"><\/div>\n<ul style=\"text-align: justify;\">\n<li>Tax is nothing but it is a charge made by government on the goods, on travelling, medicine etc., that is a sort of income to the government. These money is used for developing purpose.<\/li>\n<li>The purpose of taxation is to finance government expenditure.<\/li>\n<li>One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning.<\/li>\n<li>Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.<\/li>\n<li>There are two types of tax,\n<ul>\n<li>Direct Tax<\/li>\n<li>Indirect Tax<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<div class=\"Content\" style=\"text-align: justify;\">\n<div class=\"hddn\"><\/div>\n<\/div>\n<div class=\"Content\" style=\"text-align: justify;\">\n<div class=\"hddn\"><\/div>\n<\/div>\n<div class=\"TextHeading\" style=\"text-align: justify;\">\n<div class=\"hddn\">\n<h2 id=\"direct-tax\" class=\"color-blue\">Direct Tax<\/h2>\n<\/div>\n<\/div>\n<div class=\"Content\" style=\"text-align: justify;\">\n<div class=\"hddn\">\n<ul>\n<li>If tax is levied directly on personal or corporate income, then it is a direct tax.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"TextHeading\" style=\"text-align: justify;\">\n<div class=\"hddn\">\n<h2 id=\"indirect-tax\" class=\"color-blue\">Indirect Tax<\/h2>\n<\/div>\n<\/div>\n<div class=\"Content\">\n<div class=\"hddn\">\n<ul>\n<li style=\"text-align: justify;\">If tax is levied on the price of a good or service, then it is called an indirect tax.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Answer : Tax is nothing but it is a charge made by government on the goods&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8950],"tags":[195,1740,9233,5937,203,8949,7386,205,7379,9244,9246,222,484,362,7412,196,8405,8408,8983,8982,207,8981,366,9250,204,9230,8977,483,8980,8979,9252,9251,7495,9243,9236,9239,9247,9253,9237,9227,9238,9254,9245,9248,9249,9242,9228,9226,9229,200,9241,9225,8984,9235,9240,9232,9231,9234,15906,8978],"class_list":["post-1271","post","type-post","status-publish","format-standard","hentry","category-accounting","tag-accenture-interview-questions-and-answers","tag-asian-paints-ltd-interview-questions-and-answers","tag-ationcharacteristics-of-tax","tag-aveva-software-interview-questions-and-answers","tag-capgemini-interview-questions-and-answers","tag-csc-interview-questions-and-answers","tag-cts-interview-questions-and-answers","tag-dell-international-services-india-pvt-ltd-interview-questions-and-answers","tag-deloitte-interview-questions-and-answers","tag-e-filing","tag-federal-tax","tag-flipkart-interview-questions-and-answers","tag-genpact-interview-questions-and-answers","tag-hcl-technologies-interview-questions-and-answers","tag-hdfc-bank-interview-questions-and-answers","tag-ibm-interview-questions-and-answers","tag-invesco-interview-questions-and-answers","tag-kpmg-global-services-private-limited-interview-questions-and-answers","tag-lodha-group-interview-questions-and-answers","tag-motilal-oswal-financial-services-interview-questions-and-answers","tag-mphasis-interview-questions-and-answers","tag-muthoot-finance-interview-questions-and-answers","tag-netapp-interview-questions-and-answers","tag-online-tax-payment","tag-oracle-corporation-interview-questions-and-answers","tag-progressive-tax","tag-randstad-india-pvt-ltd-interview-questions-and-answers","tag-reliance-industries-ltd-interview-questions-and-answers","tag-sbi-life-insurance-interview-questions-and-answers","tag-skp-group-interview-questions-and-answers","tag-state-tax-refund","tag-state-taxes","tag-sutherland-global-services-interview-questions-and-answers","tag-tax-deductions","tag-tax-definition-economics","tag-tax-definition-math","tag-tax-estimator","tag-tax-extension","tag-tax-full-form","tag-tax-meaning-and-types","tag-tax-meaning-in-english","tag-tax-payment","tag-tax-preparation","tag-tax-refunds","tag-tax-return-form","tag-tax-system","tag-tax-system-in-india","tag-tax-system-legal-definition","tag-tax-systemdirect-tax","tag-tech-mahindra-interview-questions-and-answers","tag-types-of-income-taxincome-tax-calculator","tag-types-of-tax","tag-unitedhealth-interview-questions-and-answers","tag-what-is-income-tax","tag-what-is-income-tax-used-forincome-tax-exampleincome-tax-india-calculator","tag-what-is-tax","tag-what-is-tax-in-economics","tag-what-is-tax-systemfull-meaning-of-tax","tag-xpitax-interview-questions-and-answers","tag-yes-bank-interview-questions-and-answers"],"yoast_head":"<!-- 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