What Is Tax

What is Tax:-

Tax means a tax levied on any goods, services or income, or activity. This money is collected by the central and national governments. There are 2 types of taxes. Direct taxes and indirect taxes Direct taxes are collected directly from a person as income and indirect taxes are collected by charging any goods or services, which is an indirect tax. As Property and Service Tax. Indirect taxes, a person takes his own tax from others.

Types of taxes in India:-

1. Direct Taxes:-

These are taxes that are directly taxed, these are taxes that are collected directly from the public that are paid directly to a person or organization in the institution that we have paid directly. There are several types of taxes such as sales tax, in which the seller is taxed but paid by the buyer. Direct taxes cannot be levied on anyone else.

There are many types of direct taxes:-

1. Income tax
2. Big profit tax.
3. Securities transaction tax
4. business tax

Income tax comes first in this tax, called income tax, it comes to all those people earning more than 2.5 lakh rupees, he is the one who has to pay this tax on the annual income. You paid Capital Gains Tax After the second coming of India Capital Gains Tax, within which all those items were disclosed, as a benefit from selling your property or valuables, then you must pay this tax to the government.

Securities Transaction Tax After this your third tax comes to Securities Transaction Tax, if you make any transaction in another country or stock exchange, you must pay tax on it. Business Tax After this comes to your fourth business tax, in this tax, all the companies in the country pay their income tax to the government.

2. Indirect a Tax:-

That the government deducts indirectly. It is called an indirect tax, as you know in its name that the tax that reaches the government indirectly, the indirect tax can be increased to increase the price of goods, and the indirect tax is transferable.

There are many types of Indirect Tax:-

1. Sales tax
2. Service tax
3. Tax money
4. Professional tax
5. Distribution tax
6. Entertainment tax
7. Property tax
8. Stamp function
9. VAT (VAT)
10. Toll tax

Conclusion:-

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