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Direct Tax

A direct tax is one that you have to pay, it cannot be shifted to others. State and federal income and property taxes are examples of direct taxes. The direct taxes are essentially the ones that are directly levied on individuals, corporations and organizations. These direct taxes are collected by the government, by the way of income tax return that is filed every annum.

Direct taxation in India is taken care by the central board of direct Taxes. It is a division of Department of revenue under Ministry of Finance. The central board of direct is governed by the revenue act 1963. The central board of direct is given the authority to create and control direct taxes in India. The most important function of central board of direct is to manage direct tax law followed by Income Tax department. The tax structure in India is divided amongst the central government and state government.

The central government levies taxes on income, custom duties, service tax and central excise. While the state government levies tax like state excise, Vat, Stamp duty, land revenue and professional tax.

Corporate Tax

Corporate tax or company tax refers to a tax imposed on entities that are taxed at the entity level in a particular jurisdiction. Such taxes may include income or other taxes. The tax systems of most countries impose an income tax at the entity level on certain type of entities.

Numerous systems in addition tax owners or members of those entities on dividends or other distributions by the entity to the members. The tax usually is imposed on net taxable income. Net taxable income for corporate tax is usually financial statement income with modifications, and may be defined in great detail within the system. The rate of tax varies by jurisdiction. The tax may have an alternative base, such as assets, payroll, or income computed in an alternative manner.

Income Tax

Income taxes are the primary source of revenue for the federal government and many states. The tax is based on your gross earned income plus unearned income less deductions, exemptions or credits. Both businesses and individuals are subject to income taxes.

Wealth Tax

A wealth tax is usually conceived of as a levy based on the aggregate value of all household holdings actually accumulated as purchasing power stock, including owner-occupied housing; cash, bank deposits, money funds, and savings in insurance and pension plans; investment in real estate and unincorporated businesses; and corporate stock, financial securities, and personal trusts.