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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