Income Tax

Taxes in India can be divided as direct and indirect taxes. Direct tax is a tax you pay on your profit. Indirect tax is a tax that somebody else collects on your behalf and pays to the government. This tax is, in turn, passed down to the government.

Direct Taxes are broadly classified as

Income Tax

This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed

Corporate Tax

This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporate has been prescribed by the income tax laws of India.