What Is Tax? Tax is a mandatory financial charge which levied by the government on Individuals or Corporates. The government is charged tax on the income of the person or, on the product and services. Tax is one of the primary sources of income for the government through which it fulfills various projects and initiatives. Types of Tax in India There are two types of Tax in India Direct Tax Indirect Tax What Is Direct Tax? The direct tax is the tax that is levied by the government directly on the income or wealth of the persons. The direct tax is directly paid to the government. The assessee will be liable to the payment of direct tax for there income generated in the previous year. The assessee is responsible for their tax, they cannot transfer their tax liabilities to another person. Example - Income Tax. What is Indirect Tax? The indirect tax is the tax which levied by the government on the price of Goods and Services. In the case of indirect tax, the government collected tax from go
1) Trade(व्यापार) :- Purchase and sales of products for motive of earning profit is known as Trade.(लाभ कमाने के उद्धेश्य से किया गया वस्तुओ का क्रय-विक्रय व्यपार कहलाता है।) 2) Profession(पेशा) :- Activities which requires special knowledge and skill to be applied by an individual in his work to earn a living is known as profession. Examples- lawyers are professionals,engaged in legal profession governed by bar council of india, Doctor are professionals who are in medical professions and are governed by Medical Council of india.(आय अर्जित करने के लिए किया गया कोई भी कार्य जिसमे प्रशिक्षण की आवश्यकता होती है उसे पेशा कहते है। जैसे वकील, डॉक्टर, चार्टर्ड अकाउंटेंट. इन कार्यो को करने के लिए प्रशिक्षण की आवश्यकता होती है।) 3) Business(व्यवसाय) :- Bussiness refers to those economic activites which are connected with the production, purchase, sales or distribution of goods or services with the main objectives of earning profits. Examples- Fishing, mining, farming, manufacturi