Direct tax is a type of tax that individuals, firms, or companies pay directly to the government based on their income, profits, or wealth. It is not transferable to others and reflects the taxpayer’s ability to pay. Common examples include income tax, corporate tax, and capital gains tax. Taxpayers calculate their income for the financial year, apply the relevant tax rates, and either pay advance tax, face Tax Deducted at Source (TDS), or settle the balance when filing their annual income tax return.
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