breif what is tax in 10 lines ?
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ɢʀᴏᴡᴡ
ɪɴᴠᴇsᴛ ɪɴ ᴛʜᴇ ᴛᴏᴘ-ᴘᴇʀғᴏʀᴍɪɴɢ ᴇʟss ᴍᴜᴛᴜᴀʟ ғᴜɴᴅs ᴛᴏ sᴀᴠᴇ ᴜᴘ ᴛᴏ ʀs. 46,800 ɪɴ ᴛᴀxᴇs ᴀɴᴅ ʙᴜɪʟᴅ ᴡᴇᴀʟᴛʜ ғᴏʀ ʏᴏᴜʀ ғᴜᴛᴜʀᴇ
ɪɴᴠᴇsᴛ ɴᴏᴡ
ʜᴏᴍᴇ » ᴘ
☣ᴛᴀx ɪɴ ɪɴᴅɪᴀ
ᴛᴏ ʀᴜɴ ᴀ ɴᴀᴛɪᴏɴ ᴊᴜᴅɪᴄɪᴏᴜsʟʏ, ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ɴᴇᴇᴅs ᴛᴏ ᴄᴏʟʟᴇᴄᴛ ᴛᴀx ғʀᴏᴍ ᴛʜᴇ ᴇʟɪɢɪʙʟᴇ ᴄɪᴛɪᴢᴇɴs; ᴘᴀʏɪɴɢ ᴛᴀxᴇs ᴛᴏ ᴛʜᴇ ʟᴏᴄᴀʟ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ɪs ᴀɴ ɪɴᴛᴇɢʀᴀʟ ᴘᴀʀᴛ ᴏғ ᴇᴠᴇʀʏᴏɴᴇ’s ʟɪғᴇ, ɴᴏ ᴍᴀᴛᴛᴇʀ ᴡʜᴇʀᴇ ᴡᴇ ʟɪᴠᴇ ɪɴ ᴛʜᴇ ᴡᴏʀʟᴅ. ɴᴏᴡ, ᴛᴀxᴇs ᴄᴀɴ ʙᴇ ᴄᴏʟʟᴇᴄᴛᴇᴅ ɪɴ ᴀɴʏ ғᴏʀᴍ sᴜᴄʜ ᴀs sᴛᴀᴛᴇ ᴛᴀxᴇs, ᴄᴇɴᴛʀᴀʟ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ᴛᴀxᴇs, ᴅɪʀᴇᴄᴛ ᴛᴀxᴇs, ɪɴᴅɪʀᴇᴄᴛ ᴛᴀxᴇs, ᴀɴᴅ ᴍᴜᴄʜ ᴍᴏʀᴇ. ғᴏʀ ʏᴏᴜʀ ᴇᴀsᴇ, ʟᴇᴛ’s ᴅɪᴠɪᴅᴇᴅ ᴛʜᴇ ᴛʏᴘᴇs ᴏғ ᴛᴀxᴀᴛɪᴏɴ ɪɴ ɪɴᴅɪᴀ ɪɴᴛᴏ ᴛᴡᴏ ᴄᴀᴛᴇɢᴏʀɪᴇs, ᴠɪᴢ. ᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ᴀɴᴅ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀxᴇs. ᴛʜɪs sᴇɢʀᴇɢᴀᴛɪᴏɴ ɪs ʙᴀsᴇᴅ ᴏɴ ʜᴏᴡ ᴛʜᴇ ᴛᴀx ɪs ʙᴇɪɴɢ ᴘᴀɪᴅ ᴛᴏ ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ.
☣ɪɴ ᴛʜɪs ᴀʀᴛɪᴄʟᴇ [sʜᴏᴡ]
ᴡʜᴀᴛ ᴀʀᴇ ᴛᴀx ᴀɴᴅ ɪᴛs ᴛʏᴘᴇs?
ᴀ ᴛᴀx ɪs ᴀ ᴍᴀɴᴅᴀᴛᴏʀʏ ғᴇᴇ ᴏʀ ғɪɴᴀɴᴄɪᴀʟ ᴄʜᴀʀɢᴇ ʟᴇᴠɪᴇᴅ ʙʏ ᴀɴʏ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ᴏɴ ᴀɴ ɪɴᴅɪᴠɪᴅᴜᴀʟ ᴏʀ ᴀɴ ᴏʀɢᴀɴɪᴢᴀᴛɪᴏɴ ᴛᴏ ᴄᴏʟʟᴇᴄᴛ ʀᴇᴠᴇɴᴜᴇ ғᴏʀ ᴘᴜʙʟɪᴄ ᴡᴏʀᴋs ᴘʀᴏᴠɪᴅɪɴɢ ᴛʜᴇ ʙᴇsᴛ ғᴀᴄɪʟɪᴛɪᴇs ᴀɴᴅ ɪɴғʀᴀsᴛʀᴜᴄᴛᴜʀᴇ. ᴛʜᴇ ᴄᴏʟʟᴇᴄᴛᴇᴅ ғᴜɴᴅ ɪs ᴛʜᴇɴ ᴜsᴇᴅ ᴛᴏ ғᴜɴᴅ ᴅɪғғᴇʀᴇɴᴛ ᴘᴜʙʟɪᴄ ᴇxᴘᴇɴᴅɪᴛᴜʀᴇ ᴘʀᴏɢʀᴀᴍs. ɪғ ᴏɴᴇ ғᴀɪʟs ᴛᴏ ᴘᴀʏ ᴛʜᴇ ᴛᴀxᴇs ᴏʀ ʀᴇғᴜsᴇ ᴛᴏ ᴄᴏɴᴛʀɪʙᴜᴛᴇ ᴛᴏᴡᴀʀᴅs ɪᴛ ᴡɪʟʟ ɪɴᴠɪᴛᴇ sᴇʀɪᴏᴜs ɪᴍᴘʟɪᴄᴀᴛɪᴏɴs ᴜɴᴅᴇʀ ᴛʜᴇ ᴘʀᴇ-ᴅᴇғɪɴᴇᴅ ʟᴀᴡ.
☣ᴛʏᴘᴇs ᴏғ ᴛᴀxᴇs
ʙᴇ ɪᴛ ᴀɴ ɪɴᴅɪᴠɪᴅᴜᴀʟ ᴏʀ ᴀɴʏ ʙᴜsɪɴᴇss/ᴏʀɢᴀɴɪᴢᴀᴛɪᴏɴ, ᴀʟʟ ʜᴀᴠᴇ ᴛᴏ ᴘᴀʏ ᴛʜᴇ ʀᴇsᴘᴇᴄᴛɪᴠᴇ ᴛᴀxᴇs ɪɴ ᴠᴀʀɪᴏᴜs ғᴏʀᴍs. ᴛʜᴇsᴇ ᴛᴀxᴇs ᴀʀᴇ ғᴜʀᴛʜᴇʀ sᴜʙᴄᴀᴛᴇɢᴏʀɪᴢᴇᴅ ɪɴᴛᴏ ᴅɪʀᴇᴄᴛ ᴀɴᴅ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ᴅᴇᴘᴇɴᴅɪɴɢ ᴏɴ ᴛʜᴇ ᴍᴀɴɴᴇʀ ɪɴ ᴡʜɪᴄʜ ᴛʜᴇʏ ᴀʀᴇ ᴘᴀɪᴅ ᴛᴏ ᴛʜᴇ ᴛᴀxᴀᴛɪᴏɴ ᴀᴜᴛʜᴏʀɪᴛɪᴇs. ʟᴇᴛ ᴜs ᴅᴇʟᴠᴇ ᴅᴇᴇᴘᴇʀ ɪɴᴛᴏ ʙᴏᴛʜ ᴛʏᴘᴇs ᴏғ ᴛᴀx ɪɴ ᴅᴇᴛᴀɪʟ:
☣ᴅɪʀᴇᴄᴛ ᴛᴀx
ᴛʜᴇ ᴅᴇғɪɴɪᴛɪᴏɴ ᴏғ ᴅɪʀᴇᴄᴛ ᴛᴀx ɪs ʜɪᴅᴅᴇɴ ɪɴ ɪᴛs ɴᴀᴍᴇ ᴡʜɪᴄʜ ɪᴍᴘʟɪᴇs ᴛʜᴀᴛ ᴛʜɪs ᴛᴀx ɪs ᴘᴀɪᴅ ᴅɪʀᴇᴄᴛʟʏ ᴛᴏ ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ʙʏ ᴛʜᴇ ᴛᴀxᴘᴀʏᴇʀ
ᴛʜᴇ ɢᴇɴᴇʀᴀʟ ᴇxᴀᴍᴘʟᴇs ᴏғ ᴛʜɪs ᴛʏᴘᴇ ᴏғ ᴛᴀx ɪɴ ɪɴᴅɪᴀ ᴀʀᴇ ɪɴᴄᴏᴍᴇ ᴛᴀx ᴀɴᴅ ᴡᴇᴀʟᴛʜ ᴛᴀx.
ғʀᴏᴍ ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ’s ᴘᴇʀsᴘᴇᴄᴛɪᴠᴇ, ᴇsᴛɪᴍᴀᴛɪɴɢ ᴛᴀx ᴇᴀʀɴɪɴɢs ғʀᴏᴍ ᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ɪs ʀᴇʟᴀᴛɪᴠᴇʟʏ ᴇᴀsʏ ᴀs ɪᴛ ʙᴇᴀʀs ᴀ ᴅɪʀᴇᴄᴛ ᴄᴏʀʀᴇʟᴀᴛɪᴏɴ ᴛᴏ ᴛʜᴇ ɪɴᴄᴏᴍᴇ ᴏʀ ᴡᴇᴀʟᴛʜ ᴏғ ᴛʜᴇ ʀᴇɢɪsᴛᴇʀᴇᴅ ᴛᴀxᴘᴀʏᴇʀs
.
☣ɪɴᴅɪʀᴇᴄᴛ ᴛᴀx
ɪɴᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ᴀʀᴇ sʟɪɢʜᴛʟʏ ᴅɪғғᴇʀᴇɴᴛ ғʀᴏᴍ ᴅɪʀᴇᴄᴛ ᴛᴀxᴇs ᴀɴᴅ ᴛʜᴇ ᴄᴏʟʟᴇᴄᴛɪᴏɴ ᴍᴇᴛʜᴏᴅ ɪs ᴀʟsᴏ ᴀ ʙɪᴛ ᴅɪғғᴇʀᴇɴᴛ. ᴛʜᴇsᴇ ᴛᴀxᴇs ᴀʀᴇ ᴄᴏɴsᴜᴍᴘᴛɪᴏɴ-ʙᴀsᴇᴅ ᴛʜᴀᴛ ᴀʀᴇ ᴀᴘᴘʟɪᴇᴅ ᴛᴏ ɢᴏᴏᴅs ᴏʀ sᴇʀᴠɪᴄᴇs ᴡʜᴇɴ ᴛʜᴇʏ ᴀʀᴇ ʙᴏᴜɢʜᴛ ᴀɴᴅ sᴏʟᴅ.
ᴛʜᴇ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀx ᴘᴀʏᴍᴇɴᴛ ɪs ʀᴇᴄᴇɪᴠᴇᴅ ʙʏ ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ ғʀᴏᴍ ᴛʜᴇ sᴇʟʟᴇʀ ᴏғ ɢᴏᴏᴅs/sᴇʀᴠɪᴄᴇs.
ᴛʜᴇ sᴇʟʟᴇʀ, ɪɴ ᴛᴜʀɴ, ᴘᴀssᴇs ᴛʜᴇ ᴛᴀx ᴏɴ ᴛᴏ ᴛʜᴇ ᴇɴᴅ-ᴜsᴇʀ ɪ.ᴇ. ʙᴜʏᴇʀ ᴏғ ᴛʜᴇ ɢᴏᴏᴅ/sᴇʀᴠɪᴄᴇ.
ᴛʜᴜs ᴛʜᴇ ɴᴀᴍᴇ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀx ᴀs ᴛʜᴇ ᴇɴᴅ-ᴜsᴇʀ ᴏғ ᴛʜᴇ ɢᴏᴏᴅ/sᴇʀᴠɪᴄᴇ ᴅᴏᴇs ɴᴏᴛ ᴘᴀʏ ᴛʜᴇ ᴛᴀx ᴅɪʀᴇᴄᴛʟʏ ᴛᴏ ᴛʜᴇ ɢᴏᴠᴇʀɴᴍᴇɴᴛ.
sᴏᴍᴇ ɢᴇɴᴇʀᴀʟ ᴇxᴀᴍᴘʟᴇs ᴏғ ɪɴᴅɪʀᴇᴄᴛ ᴛᴀx ɪɴᴄʟᴜᴅᴇ sᴀʟᴇs ᴛᴀx, ɢᴏᴏᴅs ᴀɴᴅ sᴇʀᴠɪᴄᴇs ᴛᴀx (ɢsᴛ), ᴠᴀʟᴜᴇ ᴀᴅᴅᴇᴅ ᴛᴀx (ᴠᴀᴛ), ᴇᴛᴄ.