When I was in school, my economics teachers did an exercise daily. She made us revisit the lecture from the previous day to ensure we were paying enough attention to remember her lesson. I specifically remember when it was my turn to take up the revision, we had just learnt about taxes and its types. And look at me, now I am taking up your query to answer. I will share what type of tax is income tax. Before that you should know that there are two types of taxes. Here are the details for them.
Types of taxes in IndiaThe two types of taxes in India are:
Direct taxes: As the name suggests, these are the taxes that we pay directly to the government authorities. These are specific to individuals and can’t be pawned off to anyone else
Indirect taxes: Indirect taxes are paid indirectly. These are levied on goods and services. They are usually paid by the provider of these services
Now that you are aware of the types of taxes, I am sure you must have figured out what type of tax is income tax.
Yes, that’s right. Income tax is a direct tax because it is directly applicable on our income and we cannot let the burden of it go on someone else.
I hope you have your answers now. Let me know if my explanation helped you out by hitting that thumbs up button.
Thank you Vaahi ma’am. I hope I made you proud :)
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What type of tax is income tax?
Jatin
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2022-04-19T10:48:19+00:00 2022-04-20T10:49:08+00:00Comment
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