Taxes like gift tax, wealth tax etc are also referred to as which type of taxes?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Direct taxes.
Taxes like gift tax, wealth tax, etc., are referred to as direct taxes. These taxes are imposed directly on an individual's or entity's wealth, income, or property, and the burden of payment falls on the person or organization being taxed, without being passed on to others.