What is the difference between income tax and excise duty? – InterviewSolution

1.

What is the difference between income tax and excise duty?

Answer»

Income Tax	Excise Duty
1. Income tax is levied on annual personal incomes of individuals.	1. Excise duty is levied on the production or manufacture of goods.
2. Income tax is a direct tax.	2. Excise duty is an indirect tax.
3. The tax burden will be on the same person on whom the tax is levied.	3. Excise duty is charged from the factory itself but the burden is shifted to those who buy the goods.
4. Income tax does not affect the prices of goods.	4. These taxes raise the overall prices of goods.

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