Tax Services
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Direct Tax
Direct Tax
Definition: Direct tax is a type of tax where the incidence and impact of taxation fall on the same entity.
Description: In the case of direct tax, the burden can’t be shifted by the taxpayer to someone else. These are largely taxes on income or wealth. Income tax, corporation tax, property tax, inheritance tax and gift tax are examples of direct tax.
Indirect Tax
Indirect Tax
Definition : Indirect tax can be defined as a type of tax where the incidence and impact of taxation does not fall on the same entity.
Definition : Indirect tax can be defined as a type of tax where the incidence and impact of taxation does not fall on the same entity.
Description: It is collected by the government from an intermediary such as a retailer or a manufacturer. The eventual tax amount is paid by the buyer of the goods and services. To put it simply, indirect taxes are those taxes that can be shifted from one individual to another. It is not levied directly on the income of the taxpayer, but is levied on the expenses incurred by them. Some examples of indirect taxes include sales tax, entertainment tax, excise duty, etc.
Description: It is collected by the government from an intermediary such as a retailer or a manufacturer. The eventual tax amount is paid by the buyer of the goods and services. To put it simply, indirect taxes are those taxes that can be shifted from one individual to another. It is not levied directly on the income of the taxpayer, but is levied on the expenses incurred by them. Some examples of indirect taxes include sales tax, entertainment tax, excise duty, etc.