Income tax is a type of tax that governments impose on income generated by businesses, and individuals within their jurisdiction. This could These taxes are used to fund public services, pay government obligations, and provide goods to the citizens. Taxes in India can broadly be classified into: Direct Tax: This is a tax that you pay directly to the government. These can further be categorized into: Income Tax: This is the amount an individual or a Hindu Undivided Family or a taxpayer pay on the income received. The law prescribed the rate at which such income should be taxed. Corporate Tax: This tax is paid by the companies on the profits they make through their businesses. The law here also, prescribe a specific rate of tax for corporates in India. Indirect Tax: It is an indirect way of paying the tax to the government through third party means like restaurants, theatres, e-commerce websites etc. The various means where we pay indirect taxes are: Service tax on re...