India offers a well-structured tax system for its population. Taxes are the largest source of income for the indian government. This money is deployed for various purposes and projects for the development of the nation. Taxes are majorly determined by the Central and State Governments along with local authorities like municipal corporations. The government cannot impose any tax unless it is passed as a law.
Direct taxes are levied on individuals and corporate entities and cannot be transferred to others. These include income tax, wealth tax, and gift tax. Indirect taxes are not directly paid by the assessee to the government authorities. These are levied on goods and services and collected by intermediaries (those who sell goods or offer services). Here are the most common indirect taxes in India.
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. This is used by tax authorities to calculate tax liability. Under Direct or Indirect Taxes. A registered dealer has to file several types for tax returns in India:
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