Two taxes which are being collected by governments at present
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Well, there are various taxes which are levied by the central government directly or by the state governments
Some of the taxes include
Income tax : One of the important tax which is imposed on the yearly income of a person. It does not matter person is the resident of the country of not but the tax have to be collected base on the amount or income earned during the 12 month . So more the annual income more will be the income tax.
Property tax : The property tax is applied by the state government and it is paid based upon the value of property .Amount of tax varied based upon size of property or type of property etc. The person or owner of property have to pay this.
There are other like GST , VAT tax , Excise duty etc are also applicable but these are indirect ways taxes.
Some of the taxes include
Income tax : One of the important tax which is imposed on the yearly income of a person. It does not matter person is the resident of the country of not but the tax have to be collected base on the amount or income earned during the 12 month . So more the annual income more will be the income tax.
Property tax : The property tax is applied by the state government and it is paid based upon the value of property .Amount of tax varied based upon size of property or type of property etc. The person or owner of property have to pay this.
There are other like GST , VAT tax , Excise duty etc are also applicable but these are indirect ways taxes.
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There are various taxes that we are being collected by the Indian government at present. Each tax is collected for a specific purpose. Two such taxes that are commonly talked about are:
Property Tax
This tax differs from state to
state and is collected based on property valuation. Some parameters that
determine the tax amount to be paid are its age (how old it is), type (residential
or commercial) and size. Water tax is a sub tax that is associated with property
tax.
Gift Tax
Any amount exceeding Rs.50,000/- given as a gift is taxable and computed under the category Income from Other Sources. However, this amount is exempt from tax if it is obtained as a gift from a blood relative or because of instances like inheritance or marriage.Similar questions