Wat is the main difference between Tax & duty??
This query is : Resolved
Jayant Singh Dwivedi
(Querist)
01 June 2008
Respected experts ,please explain the basic points of differences.between TAX & DUTY..with suitable example [if possible]...
Jayant Singh Dwivedi
Jayant Singh Dwivedi
01 June 2008
Tax is a term which we use in respect of income.........like Income Tax, Wealth Tax, etc.,
Duty is a term which we use in respect of Goods............. Like Customs Duty, Excise Duty
Duty is a term which we use in respect of Goods............. Like Customs Duty, Excise Duty
CA. Yayati Tyagi
(Expert)
02 June 2008
although every time this concept does not work, like sales tax is tax on goods. but largely this definition is correct.
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