The various types of taxes in India – you need to know

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Taxes are monetary charges on Individuals and businesses. Government both local and central are responsible for collecting taxes. Ministry of Finance, Department of Revenue which comes under Government of India looks after taxes and taxes related issue.

Whether you get a salary or earn a profit or engage in any kind of business activities including services. You are liable to various taxes. Even when you buy or sell something or import something into the country you need to pay certain taxes. Even when you go out to eat something with your loved one the hotels, restaurants, and eateries charge some taxes on eatables. When you want to travel you need to pay toll taxes and some taxes while you buy tickets to travel.

So the list is endless. You do anything, and the government is there to impose a tax on your doings and collects taxes. Beware, defaulting in paying taxes are punishable and additional fine impositions So it is not a good idea to avoid any kind of taxes.

All the various types of taxes that are levied in India can be grouped into three broad categories, viz., Direct taxes, indirect taxes, and other taxes. Read the infographic on types of taxes that you need to pay on various occasions. This will help you avoid and attract a penalty or put you in discomfort position.

Further, if still, you are in confusion then log on to MoneyDial.com and register yourself. We will provide you with a tax consultant at your doorstep free of charges.

Types of Taxes in India

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Shashank is an MBA Finance & Certified Financial Planner (CFP). He has been in the financial services industry for more than 3 years. At Money Dial Shashank heads the Product. Shashank has a penchant for writing and giving trainings on financial markets and often has many interesting things to share.

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