Q. Which of the following taxes are classified as indirect taxes?

1. Inheritance tax
2. Gift tax
3. Excise tax
4. Value Added tax

Select the correct answer using the codes given below:
Answer: Only 3 & 4
Notes: Inheritance tax and gift tax are direct taxes, as their burden cannot be shifted and are levied on individual wealth and transfers. Excise tax and Value Added Tax (VAT) are examples of indirect taxes because they are levied on goods and services, and their burden is shifted to consumers through higher prices.