Excises: These taxes are imposed on the purchase of specific commodities such as alcohol, gasoline and at times, also on expensive goods.Capital gains Tax: Whenever there is a sale of asset. Capital gains tax is imposed on the profits by the government.
Property tax: Property owners are required to pay taxes on the value of property. This is an compulsion and thus, mandatory for students to gain full knowledge on such taxes.
Income tax: Such taxes are imposed on the income of people, organisations and several legal entities.
Sales tax: On the sale of commodities, the tax imposed is known as sales tax. Such tax be imposed by state as well as central governments.
Value added tax: This tax is imposed on the value added on any product or commodity.
Wealth tax: it is imposed by keeping several factors in accounting such as property tax, capital gains tax, capital transfer tax, endowment tax et cetera.
Various are Other taxes that Are Crucial to Understand:
- Toll tax
- Retirement tax
- Inheritance tax
- Service tax
- Custom Duty et cetera.
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