Understanding Key Direct and Indirect Tax Concepts in India
Introduction Navigating the Indian tax structure is crucial for financial planning and regulatory compliance for both individuals and businesses. The system is broadly divided into Direct Taxes, like Income Tax, and Indirect Taxes, primarily the Goods and Services Tax (GST). This guide provides a clear overview of these key concepts to help you stay informed and compliant.
Direct Taxes: Income Tax and TDS What is Income Tax? Income Tax is a direct tax levied by the Central Government on the income earned by individuals, Hindu Undivided Families (HUFs), companies, and other entities in a financial year (April 1 to March 31).