MANAGEMENT

Detailed explanation-1: -A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Examples include income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government.

Detailed explanation-2: -Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.

Detailed explanation-3: -income tax, levy imposed on individuals (or family units) and corporations. Individual income tax is computed on the basis of income received.

Detailed explanation-4: -Types of taxes include income, corporate, capital gains, property, inheritance, and sales.

Detailed explanation-5: -Every person who is carrying on any business or profession whose total sale, turnover, or gross receipts are or is likely to exceed five lakh rupees in any previous year.