This document discusses different types of taxes in India. It outlines direct taxes such as income tax, gift tax, and wealth tax which are levied directly on individuals and cannot be transferred. Indirect taxes are not levied on individuals but on goods and services, and can be transferred between entities. The main types of indirect taxes mentioned are sales tax, service tax, goods and service tax, value added tax, customs duty, and toll tax.

1. TYPES OF TAXES
Deepanshu Sharma
Mayank Agarwal
Tejasv Kumar
Jitesh Shah

2. What is tax ?
A tax is a compulsory financial charge or some other type
of levy imposed upon a taxpayer (an individual or legal
entity) by a governmental organization in order to
fund government spending and various public
expenditures.

4. DIRECT TAX
◦ Direct Taxes comprise taxes that you pay directly to the
government.
◦ The Central Board of Direct Taxes (CBDT) under the
Department of Revenue is responsible for the governance of
this tax.
These taxes are levied directly on an
individual and therefore can’t be
transferred to another entity or
person.

5. INCOME TAX
◦ Income Tax came into force with the Income Tax Act of 1961. All
the rules of income tax are set by this act. This tax will apply to
any income you generate for profits, owning a property, salary,
investments or business.
GIFT TAX
In 1958, the Gift Tax Act was originally introduced. According
to the act, if you receive presents of any kind, then you will
have to pay a tax of 30%.

6. WEALTH TAX
Amongst the various types of taxes, Wealth Tax is
applicable not only on an individual but also on a
Hindu Unified Family (HUF) and businesses.
OTHER DIRECT TAXES
◦Capital Gains Tax
◦Securities Transaction Tax
◦Corporate Tax

7. INDIRECT TAXES
Unlike Direct Taxes, these taxes are not levied on
individuals but on goods and services.
This tax is not levied on profit, income or the
revenue of an individual or an entity.
This tax can be transferred from one person to
another.

8. TYPES OF INDIRECT TAXES
◦Sales Tax
◦Service Tax
◦Goods and Service Tax
◦Value Added Tax (VAT)
◦Customs Duty
◦Toll Tax