Tax refers to a direct or indirect income from the general public to the government. Percentage of Tax are fixed for various forms that are Sales tax, Gst, Income tax, Property Tax, Custom duty, Excise duty, Service tax, Wealth tax, Toll tax etc. Our expert writers can give you more elaborated information regarding Taxation law. In Taxation law assignment it covers all sectors of taxes through which tax is collected for ex – Direct tax, Indirect Tax and others. Our professional experts can help you in law assignment either they are in case of study form or essay format.
There are different types of tax that are:-
- Direct tax - Direct tax is that type of tax which is paid directly by the general public or the organisation, and the government collects it in several forms. The public pays these taxes for different purposes. These taxes are imposed on different percent rate. After collecting these taxes from public and organisation, Government invests these funds in different areas like Society welfare, Health and public services. This type of tax is collected from the income and profits of the person.
Classification of Direct Tax:-
- Income tax: - Income tax is that type of tax which is imposed directly on the income of the person. This income tax is charged on both earned and unearned income earned income includes commission, wages and salaries and unearned income include dividends, interests and rents etc. There are further types of income tax that are – Personal income tax (Households, partnership, individuals and sole proprietor), the Corporate income tax that is charged on net earnings.
- Property Tax- Property tax is that type of direct tax which is charged on the property (real estate) of a Landholder pays this property tax to the regional government or municipal government. It is imposed on real and personal property like house, car, boat, land and building etc.
- Corporation tax: - Corporation tax is the tax which is imposed on profits, or we can say on the net income of the company. These corporate tax are charged by both the public and a private company, which are registered under companies act 1956. There is a fixed percentage of tax according to the income of the company.5% tax is charged on income between 1-10crore, 10% is charged if income exceeds from 10crore.
- Wealth Tax: - Wealth tax is also known as equity tax and capital tax. Wealth tax is that tax which is charged from the individual personal property, or we can say on any other valuable items that an individual have. Personal assets include Real estate, bank deposits, financial securities, pension plans and personal trusts etc.
- Gift tax: - Gift tax is that type of tax which is imposed when the transfer of property or any asset which is without consideration from one person to another. Gifts can be in different forms like Money, Movable property and Immovable property.
Note: There are much more direct taxes on which our experts can provide you detailed information that are Securities transaction tax, Capital gain tax(imposed on capital gains), perquisite tax etc.
- Indirect tax: - Indirect tax is that type of tax which is charged on goods and services. Indirect tax is suitable for both state and taxpayer.This indirect tax is the only way to hold out the poor. Indirect tax can be transferred to any other person. Collection of indirect tax is easier than a direct tax. For more details, you can contact our tutors.
- Service tax: - Service tax is that type of tax which is imposed by the central government of a country on the given services. Various services include Air condition facility in restaurants, small run stay facility provided in hotels. In past times service tax is imposed on a certain list of services.
- Excise duty:- is also known as an excise tax. Excise duty is imposed on consumers when production is made within the boundaries. This excise tax is charged on specific production or sale of goods.
- Sales tax:- Sales tax is that type of tax which is imposed on trading of goods and services. The retailers collect sales tax and then pass it to end user (Government). Retailers are responsible for paying sales tax, but they pass it to consumers in an indirect way.
- Customs duty: - Customs duty refers to that which is collected from the sellers and buyers on the export and import of goods and services. There are various benefits of collecting custom tax forex- It will help domestic sellers in their growth. It will reduce import of goods and services and increase the sale of goods of domestic producers. Customs duty is charged according to the weight, price and on another basis of the goods and services.
Various other types of taxes are:-
- Toll tax: - Toll tax is one of the types of indirect tax that we have to pay while using the road or to cross a bridge. Every user pays this toll tax.
- Entertainment tax: - Entertainment tax is the tax which is collected on realising movies, shows and this tax is not imposed in every country.
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