BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Direct taxes are imposed on corporate entities and individuals. These taxes cannot be transferred to others. For individual taxpayers like you, the most important type of Direct tax is the income tax. This tax is levied during each assessment year (1st April to 31st March).

Detailed explanation-2: -Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year.

Detailed explanation-3: -The Central Government collects income tax, customs duties, central excise duty, etc. The State Government gathers tax on agricultural income, professional tax, state excise duty, value-added tax, etc.

Detailed explanation-4: -Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.