Tax is taken by the government for boosting  the economy of India.

 Two types of taxes in India. 1. Direct tax 2.  Indirect tax

 Direct tax is tax that are to be paid directly to the government of India by the individual

 Direct tax are managed by CBDT( central board of direct tax)

 Types of direct taxes 1. Income tax 2. Capital gains 3. STT

 Types of direct taxes 4. Prerequisite tax 5. Corporate tax

If your income is more than 2.5 lakh/annum and age is below 60 years, then you will must pay income tax.

If your income is more than 3 lakh/annum and age is above 60 years, then you will must pay income tax.

Capital gains:- The tax is taken on the sale of a property or money received through an investment

Prerequisite tax:- A company which gives money to its employees

Corporate tax:- The income tax paid by a company is called a corporate tax.

 securities transaction tax (STT):- The tax is taken on stock market and securities trading

Indirect tax:- The tax is taken on services and products are called indirect tax.

In Indirect tax, the tax  is added on price of the products.