Question

What are the two important direct taxes?
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Answer 1

Answer:

The corporate tax includes 40% basic tax and 3% education cess. In case companies are earning more than Rs. 1 crore, a corporate tax of 42.024% is levied. The corporate tax includes 40% basic tax, 2% surcharge, and 3% education cess.

Types of Direct Taxes

Income tax. It is based on one's income. ...

Transfer taxes. The most common form of transfer taxes is the estate tax. ...

Entitlement tax. This type of direct tax is the reason why people enjoy social programs like Medicare, Medicaid, and Social Security. ...

Property tax. ...

Explanation:

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