Exact Meaning of Some Taxes Which You Heard in the Budget

Generally in budget peoples keep their eyes on the amendment in the income tax rates as this is concerned to the pocket of common people. The government undertakes taxes from the companies and institutions as well as common people to meet their expenses. The majority of the revenue collected through the government is through taxes. The tax is a mandatory payment that every person furnishes to the government. There are 2 types of taxes such as direct tax and indirect tax. The earning of the government is done through these taxes.

What Do You Mean by Direct and Indirect Taxes?

The tax which is charged directly from the people like income tax, corporate tax, tax on income from shares or other assets, property tax, corporate tax, and inheritance tax, etc. the tax which is charged on an individual or on the companies comes under the direct tax. While on the other side the taxes which are not levied from the common people but the burden imposed on the common people is known as indirect tax such as excise tax, customs duty, GST, etc. on the manufacturing of goods for the country. These taxes will not be furnished by the people but when the people buy the goods and services tax gets imposed for the purchases.

The Value of Income Tax

The income tax is called the tax which is imposed on the income or the investment of the common individuals done by them. There are various sources through which the tax is deducted from the income of the common people like income, salary, investment, interest. There are different slabs for deducting the taxes from the income.

Do You Know The Meaning of Cess and Surcharge

Cess means surcharge and surcharge are levied only on income tax. A surcharge is known as the tax which is levied on the income which is computed on the grounds of tax liability. A cess is to be implemented so to collect money for the particular objective. Such as Swachh Bharat Cess, Agricultural Welfare Cess, Clean Environment Cess is taxed which is 0.5%.

The Objectives of Customs and Excise

An excise duty is included in the GST norms now. From matchsticks to cars anyone who buys any object will be taxed through the government. The products which are made within the country are levied with tax and are called as excise duty. Also, a customs duty is a tax on which the tax is levied on the goods imported or exported within the country.

The Corporate Tax Context

A tax that is levied on the companies is known as corporate taxes. This tax is imposed on companies and firms. The government has earned a big income through corporate tax. Indeed at a similar time, the alternative tax is the tax where the company needs to pay on their profit.

What are Securities Transaction Taxes

When you purchase or sell the shares for the securities market or do invest in mutual funds then you have to pay Securities Transaction Tax.

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