Question

Sanjay bought a car on June, 2020 from his friend Rajesh for Rs 1,20,000 which is manufactured in June 2010. Identify and explain the concept.​

Answer 1

Answer:

Sanjay bought a car on June, 2020 from his friend Rajesh for Rs 1,20,000

Answer 2

Applied direct taxation

Explanation

Concept identified here is applied direct taxation which means:

• The tax which is imposed on one individual and the companies.
• The tax is imposed by the supreme tax body of the country.
• Example - property tax, income tax etc.
• Taxation fall on the same entity.
• Types are: GST , VAT , Income tax.