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Taxes on the incomes of individuals and profits of firms are:

ACustoms duties
BExcise duties
CDirect taxes
DIndirect taxes
Answer & Solution
Correct answer: C. Direct taxes
1. There are two types of taxes. 2. Those on income and profit are paid directly. 3. They are direct taxes. _Source: syllabus Economics, Indian Economic Development, Chapter 3, Liberalisation, Privatisation and Globalisation._
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