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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 April 2010
sir whts the difference between DUTY in indirect tax n TAX in direct tax r these words i.e.duty n tax more or less same y v used different words n IFRS wl be applicable in nov2010 attempt so please reply me fast i m waitin

M Prabhakar Menon

M Prabhakar Menon (Expert)
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09 April 2010 The term duty and tax mean the same thing which is an amount levied by the Govt to raise revenue to part finance the various developmental or other activities undertaken by the Govt.By usage the term duty has come to mean a levy for excise and customs purposes and tax is referred to under Income Tax and sales tax now we have another new term VAT used in relation to set off benefits.

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