Answers!
There are two types of taxes in India: Direct Tax & Indirect Taxes.
Income-tax is a tax levied and collected by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government.
Comment
There are two types of taxes in India – direct and indirect.
A Direct Tax is a tax you pay on your income directly to the government. Indirect tax is a tax that restaurants, theatres and e-commerce websites charge you on for goods or a service.
Suppose you are in a job and you get salary of 100000 .
Tax on this salary is charged by govt which is called Income tax
Now You earned 100000 but spent 80000 and invest 20000 in FD
Suppose You earn 500 interest on this FD
Tax on this 500 is also called Income tax
Hence,Income tax is a tax charged on different incomes
Answer the question...
There are two types of taxes in India: Direct Tax & Indirect Taxes.
Income-tax is a tax levied and collected by the Central Government on income of a person. Income-tax is calculated at specified rates on total income of a person and paid directly to the Central Government.
Comment
There are two types of taxes in India – direct and indirect.
A Direct Tax is a tax you pay on your income directly to the government. Indirect tax is a tax that restaurants, theatres and e-commerce websites charge you on for goods or a service.
Suppose you are in a job and you get salary of 100000 .
Tax on this salary is charged by govt which is called Income tax
Now You earned 100000 but spent 80000 and invest 20000 in FD
Suppose You earn 500 interest on this FD
Tax on this 500 is also called Income tax
Hence,Income tax is a tax charged on different incomes