Tax concept: A tax is a mandatory

A tax is a mandatory financial contribution imposed by the government. Learn the concept of tax , its definition, and various types in India. Tax Concept in India - Understand the taxation system in India, covering direct and indirect taxes , compliance and key regulations. Learn what is tax , its purpose, and types of taxation in India including direct and indirect taxes . Understand the Indian tax structure and how it impacts individuals and businesses. Types of Taxes in India Taxes can be broadly classified into direct and indirect taxes , mainly based on tax and tax payment incidence. Let us first understand the concept of tax incidence and tax payment. Tax Incidence Tax incidence refers to the person who ultimately bears the tax burden. Irrespective of whether the tax has been remitted to the government by that individual, the responsibility for the tax liability rests with him. When we say that the tax incidence has fallen on a person ...