Direct tax: Learn what direct taxes are

Learn what direct taxes are, how they are levied and collected by the central government in India, and who is eligible to pay them. Find out the types, rates, exemptions, and advantages of direct taxes such as income tax , corporate tax , and capital gains tax . Direct TaxSr.Home Taxes Central Taxes Direct TaxDirect TaxSr. "In view of Section 397 (3) (f) of Income Tax Act, 2025, correction statements for FY 2018-19 (Qtr. 4), FY 2019-20 to 2022-23 (Qtr. 1 to Qtr. 4) and FY 2023-24 (Qtr. 1 to Qtr. 3) shall be accepted only up-to 31st March 2026. Direct Taxes form a key component of a country’s Taxation System as well as Fiscal Policy. Vital for government revenue generation, wealth redistribution, and economic regulation, they play a crucial role in ensuring the equitable distribution of resources and funding essential public services. This article of NEXT IAS aims to study in detail the Direct Tax , including its meaning, types, significance, and criticisms. Various types of direct taxes such as Income Tax , Corporate Tax , Wealth ...