Introduction about Direct Taxes in India

Direct Taxes are having big scope and having its effect throughout the Country and having no partiality among the State Governments. It is levied by the Central Government and the amendments are being done by the Ministry of Finance of India in each and every year in the form of Finance Budget according to the finance position of the Country.

Hence, this kind of Tax is called as Direct Tax as it is being directly imposed by the Union Government of India and neither imposed by State or Local Government Bodies. And it is directly paid off to the Central Government only. It is evident that there is consistent rise in the Tax rates over the past years. The visible growth in these tax collections as well as the rates of taxes reflects a healthy economic growth of India. Besides that, it even portrays the compliance of high tax along with better administration of taxation.

List of Direct Taxes in India

1. Income Tax
2. Corporate Tax
3. Capital Gains Tax
4. Securities Transaction Tax
5. Banking Cash Transaction Tax
6. Tax Incentives
7. Fringe Benefit Tax
8. Double Tax Avoidance Treaty