WHAT IS INCOME TAX

tax is a compulsory payment to govt. without any direct return....

broadly we can classify it into 2 types...

1. direct tax in which the liability the tax and its burden falls on the same person...eg-income tax....

2. indirect tax where the liability to pay nd burden are on different people...eg- VAT...where the person seller pays the tax to the govt but its burden is on the customers....

thats a brief idea...