How are we paying the taxes nowadays? (Refer the paragraph under the heading ‘Countless Collections, Cesses and Payments’)
Answers
Answer:
"In modern times, taxes are collected by the government using direct and indirect taxation systems.
Direct Taxes Applicable Include:
Income Tax on the incomes earned by individuals on the basis of any profession or Job
Tax on Capital Gains arising out of profits on any capital transaction
Tax on Securities Transaction
Corporate Tax on the income of companies and corporations
The Indirect Taxes Applicable Include:
Sales Tax on the sale of goods
Service Tax on the sale of services
Value Added Tax
Octroi and Custom Duty is the taxation on goods being taken from one state to another locally.
Excise Duty is a tax that is imposed on certain goods just as they are produced, rather than on sale
"
Explanation:
Answer:
"In modern times, taxes are collected by the government using direct and indirect taxation systems.
Direct taxes application include :
Income tax on the incomes earned by individuals on the basis of any profession or job.
Tax on capital gains arising out of profits on any capital transaction.
Tax on securities Transaction.
the Indirect taxes application include :
sales tax on the sale of goods.
service tax on the sale of service.
value added tax.
excise duty is a that is imposed on certain goods just as they are produced, rather than on sale