What are direct taxes and what are the different types of
direct taxes? Let us find an answer to these questions in this Indian
Money review of direct taxes.
Direct Taxes and
Their Types
Direct taxes are the taxes that are paid by businesses and
individuals to government. As per IndianMoney.com Bangalore
review, these taxes are levied as per profit levels and income of
entities and individuals. Thus, if you are earning more than taxes you pay will
be higher.
We will now go through details of different direct taxes
that are levied by the government.
Different Types of
Direct Taxes
Income Tax
As per Indian Money dot com
Bangalore, this tax is charged as per level of income a person has. Moreover,
this tax is decided on the basis of taxable income a person earns. There are
different categories on the basis of which income tax amount is calculated.
1.
Income earned by businesses and professionals.
2.
Salary income.
3.
Income earned from properties.
4.
Capital gains.
5.
Income from all other sources.
Wealth Tax
The basis for this tax is the gains made through property
ownership by people. The wealth tax is decided on the basis of present market
price of the property.
Capital Gains Tax: As
per C. S. Sudheer review, this
tax is charged when any investment or asset is sold. Types of investments on
which capital gains tax is charged include homes, businesses, farms, and
similar other options.
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