Direct Tax – Income TAX
Direct taxes are levied on the total income of the taxpayers. The tax is directly paid by the organization or by an individual to the government directly.
Income Tax, as the name suggests, is a tax amount calculated on the basis of the annual income of an individual and it is directly paid to the government from the taxpayers. Salaried persons pay IT as TDS Tax Deducted at Source) and Self Employees pay tax on the basis of income declared as per their Income Tax Return Submission. Subsequent penalties are levied if an individual does not file ITR properly.
Domestic and Foriegn Companies who make money in India have to pay Corporate tax. Income gained through selling assets,technical fees, dividends, interests in India are all taxable. Corporate tax includes the following: