Tax Structure in India
Dear reader here we are presenting a post on different types of taxes, which will be useful in your upcoming exam.

About the Direct Tax :A tax that is paid directly by an individual or organization to the imposing entity.

A taxpayer pays a direct tax to a government for different purposes, including real property tax, personal property tax, income tax or taxes on assets.

Direct taxes are different from indirect taxes, where the tax is levied on one entity, such as a seller, and paid by another, such a sales tax paid by the buyer in a retail setting.

A direct tax cannot be shifted to another individual or entity. The individual or organization upon which the tax is levied is responsible for the fulfillment of the tax payment. Indirect taxes, on the other hand, can be shifted from one taxpayer to another.

Types of Direct taxes:
a) Income tax
Income tax is collected on all incomes received by private individuals after certain allowances are made. In most of the economies Income tax is a major source of Government revenue.

b) Corporation tax
This tax is levied on profits earned by companies. It is a proportional tax which is levied at the constant rate.

c) Petroleum revenue tax
It is a tax levied on the profits of companies involved in drilling of oil and gas. This tax may or may not exist in other countries.

d) Capital gains tax
Capital gains tax is charged on the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.

e) Property Tax
Many countries have Property tax, or millage tax. It is the tax which the owner pays on the value of the property being