CA Final Direct Tax Laws and International taxation study material
What is Direct Tax?
As the name suggests these taxes are directly paid by the assesse to the government. These are not paid on behalf of the taxpayers but are imposed directly by the regulator. Furthermore, this liability is non-transferable to another taxpayer.
What Are The Different Types Of Direct Taxes?
Here are the different types of direct taxes in the country:
Corporate tax
Such tax is levied on domestic companies that are different from the shareholders. This tax is also payable by foreign corporations whose income arises or is deemed to arise in India. Income earned as interest, royalties, dividends, technical services fees, or gains through the sale of assets based in India is taxable. Corporate tax also includes the following:
Minimum Alternate Tax (MAT)
Levied on zero tax companies whose accounts are prepared as per the guidelines of the Companies Act.
Dividend Distribution Tax (DDT)
This tax is levied on any amounts that are declared, distributed, or paid by domestic entities as dividends to the shareholders; foreign companies are exempt from DDT.
Securities Transaction Tax (STT)
This liability arises from income earned through taxable securities transactions.
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