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SALARY-INCOME- TAX-RETURN

Income Tax in India: Taxes in India can be classified as direct and indirect taxes. Direct tax is the tax you pay directly to the government on your income. Indirect tax is a tax that someone else collects on your behalf and pays to the government e.g. Restaurants, theaters and e-commerce websites charge you tax on the items you purchase or the service you take. This tax, in turn, is paid to the government.

Salary Income Tax Return

Direct tax is broadly classified as:

Income tax - It is a tax of an individual or a taxpayer other than a Hindu undivided family or companies, who pays on the income received.

Corporate tax -This is the tax that companies pay on the profits from their businesses. Here again, a specific rate of tax has been prescribed for corporates by the Income Tax laws of India.

Indirect taxes take many forms:Service tax on restaurant bills and movie tickets, value-added tax or VAT such as goods on clothes and electronics. The Goods and Services Tax, which has recently been introduced, is a unified tax, which has replaced all indirect taxes that business owners have to deal with.




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