Which of the following taxes is such which does not cause rise in price?
(A) Import duty
(B) Income tax
(C) Octoroi
(D) Sales tax
Correct Answer : Income tax
Question Asked : SSC Section Officer (Commercial Audit) Exam 2005
Explanation : The government of India imposes an income tax on taxable income of individuals. Hindu Undivided Families (HUFs), companies, firms, co-operative societies and trusts (identified as body of individuals and association of persons) and any other artificial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act. 1961. It does not lead to increase in price as it is dependent of income of individuals.
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