Taxes Budget 2020

Tax revenues are made up of taxes such as income tax, corporate tax, excise, customs and other duties that the government levies. Taxes are mainly dividend from two broad categories-direct and indirect. Direct taxes are levied on the income of individuals or organisations. These comprise of personal income tax and corporate tax. Income tax is the tax levied on individual income from various sources like salaries, investments, interest etc. Corporate tax is paid by companies or firms on the income they earn. Indirect taxes are those paid by consumers when they buy goods and services. These include excise, customs duties and service tax.

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