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what is come under direct tax and what is under indirect tax

Notices & Assessments 22288 views 4 replies

pls let me know what is come under direct tax and what is under indirect tax

Replies (4)

All taxes like income tax, Wealth tax are direct taxes. Excise duty, VAT, Service tax are indirect taxes

 

ALL TAXES WHICH ARE THE PERSONAL LIABILITY OF AN ASSESSEE COMES UNDER DIRECT. IT INCLUDES, INCOME TAX, PROFESSIONAL TAX,  WEALTH TAX, SECURITIES TRANSACTION TAX,  COMMODITY TRANSACTION TAX AND THE LIKE......


ON THE OTHER HAND, THE TAXES WHICH A PERSON CAN RECOVER FROM SOME OTHER PERSON BUT THE LIABILITY OF WHICH REMAINS OF THE PERSON COLLECTING SUCH TAXES ARE INDIRECT TAXES. THESE ARE CUSTOM DUTY, EXCISE, SERVICE TAX, VAT, CST AND THE LIKE......

Professional tax comes under indirect taxation.

Assuming I have paid a indirect tax say Rs. 334000 in FY 15-16. Is there any limit on that same like people earning 5L can give x amount of service tax(indirect tax), 10L can give y amount of service tax(indirect tax) etc.


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