Service Tax- It is a tax on services rendered- e.g on telephone,
electricity , insurance etc. all attracts service tax.
Fringe Benifit Tax( FBT)- The perquisites or benifits provided
by the epmloyer to his emplyees in addition to the salary or
wage are taxable.This is known as FBT .Employers now pay this
tax.
Direct Tax- Theses taxes are generally paid by the person or
organisations on whom its is levied. Such taxes are income tax,
wealth tax, FBT, SIT , BCITT are all direct taxes.
Indirect Tax- Here the incidenece of tax is usually not on the
person who pays the tax. Customs, Excise and Service Tax are
all indirect taxes.
Corporation Tax- Tax on profit of companies.
Securities Transaction Tax- (STT). It is a sort of turnover
tax where the investor has to pay a small tax on the total consideration
paid /received in a share transaction.
Banking Cash Transaction Tax-( BCTT) .Applicable on withdrawl
ofcash from bank exceeding a particular amount.
Customs- Cash imposed on imports.
Excise Duty- Duties imposed on goods manufactured in the country. |
