Do you want to know what is meant by direct taxes and are there several types of these taxes that you need to be wary of? Our aim here will be to explore all the details with respect to direct taxes in the following Indian Money review.
Analysis of Different Types of Direct Taxes
These are the taxes which are to be paid by individuals and businesses to our government. According to review by IndianMoney.com Bangalore, direct taxes are charge based on profit levels as well as income earned by individuals and entities. As such, if someone is earning higher income then tax rate will be more.
Let us now explore the different types of direct taxes that are charged by our government.
Types of Taxes
According to Indian Money dot com Bangalore, income tax is charged based on income earned by the tax payer. In addition, this type of tax the taxable income is the basis for calculating the tax amount. Let us explore the categories as per which calculation is done for income tax.
Income earned from salary
Income earned by professionals and businesses
Income earned from rest of the sources
Income made from property
If someone is making gains out of property people own then they have to give wealth tax. This tax is calculated according to property’s market price.