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Taxes

Direct Taxes: Taxes that are levied on the income of individuals or organisations. Income tax, corporate tax, inheritance tax are some instances of direct taxation.

Taxes on Income & Wealth

Taxes levied on income and wealth by central government is very important. They are:-

Personal Income Tax

These taxes are levied on the income of..

Heads of personal income on which tax is charged:-

Assessment Year

The period in which the income of a person is actually liable to tax is known as the assessment year. Both the previous year and the assessment year as terms are important because of the fact that every time a person files his return both of them have to be quoted in the return. Further they are used extensively in matters related to tax.

Indirect Taxes:
The taxes paid by consumers when they buy goods and services. These include customs and excise duties.

Custom Duties:
Using its constitutional powers the central government levies duties on both import and export. It performs 2 major functions:-

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* Contributed by: -
Prof. M. Guruprasad is Senior Faculty for Economics, Finance and Research, with AICAR Business School Raigad / Mumbai. He has more than 15 years of experience in research and educating / training management students. He was research scholar with the University of Mumbai. Worked as Executive in the Marketing research industry. Also Conducted Workshops and Training programmes. He has published articles in various industry magazines, newspapers and has initiated many discussions on academics.