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A Direct tax is imposed directly on the taxpayer and paid directly to the government by the ones on whom it is imposed. It cannot be shifted by the taxpayer to someone else.
Income Tax: It is levied on and paid by the same person according to the different tax brackets as defined by the income tax department. It is imposed by the government on all the income that is generated by various entities within their jurisdiction. All individuals and businesses have to file an income tax return every year to determine whether they owe any taxes or are eligible for any tax refund.
Corporate Tax: It is also known as the corporation tax. It is the tax on all the income or gains generated by corporations. It is generally levied on the profits earned. The companies and business organizations are taxed on the income under the provisions of Income Tax rules.
Inheritance (Estate) Tax: An inheritance tax which is also known as an estate tax or death duty is a tax which arises on the death of an individual. It is a tax on the estate, or total value of the money and property, of a person who has died.
Gift Tax: It is the tax that an individual receiving the taxable gift pays to the government.