ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Types of Taxes You pay some of them directly, like the cringed income tax, corporate tax, wealth tax, etc., while you pay some of the taxes indirectly, like sales tax, service tax, value added tax, etc.

Detailed explanation-2: -The two major types of taxes are direct tax and indirect tax. The different types of direct taxes are income tax, corporate tax, wealth tax, gift tax, securities transaction tax, and capital gains tax. The different types of indirect tax are GST, sales tax, customs duty etc.

Detailed explanation-3: -Eminent domain and police power can effectively be performed even without taxation. Taxes may be imposed to encourage economic growth by granting tax exemptions. Taxation is a way of apportioning the cost of government among those who are privileged to enjoy its benefits.

Detailed explanation-4: -Some of the examples of tax evasion are showing false records, hiding income, declaration of less income or profits than the amount actually earned, overstating their deductions, etc.