Taxation - Types and Concepts in India

Direct taxes are those which are those which are paid directly to the government by the taxpayer.These taxes are not paid deducted and paid on behalf of the taxpayer.Key examples of direct taxes are Income tax, Wealth tax and Corporation tax.

A direct tax is paid by a person upon whom it is legally imposed; its effect is borne by the tax payer, for example, income tax. Income tax is paid by an individual, a Hindu undivided family, a company, a firm, and local bodies etc. on their incomes. The effect of this tax is borne by these tax payers themselves, the tax payer cannot shift the incidence of the tax upon somebody else. In other words a direct tax is demanded from the very person who it is intended or devised for.

A direct tax is paid by an individual or organization to the entity that levied the tax. 

According to the income tax rule, 1961 depreciation is to be charged on the basis of written down value method in India which meant depreciation percentage charge would be applied on the written down value that came after all such depreciation from previous years. 

Estate duty was levied on the total property passing to the heirs on the death of a person.

Custom duties are levied on export and import of goods and excise duty levied on production of goods.

Marginal rate of income tax means highest slab of income tax, i.e., $30$% for individuals having income above $Rs. 10,00,000$.

Net National Product (NNP) at market price includes indirect taxes. National Income (NI) is equivalent to NNP at factor cost. To get from NNP at market price to NNP at factor cost, one must subtract net indirect taxes.

Direct taxes do need maintenance of accounts. For example for filing Income Tax returns, there needs to be proper maintenance of accounts so that the figures mentioned is proper and the tax calculated is error free.

The correct statement is that custom duties have been drastically cut down since 1991.
Others are wrong because excise duty is levied on production, VAT has
been adopted by some states in India and agriculture contributes nil to the direct tax revenues in India.

$GNP _{mp} - NFIA = GDP _{mp}$.

When the burden of the tax falls on the person on whom the tax is imposed, it is called Direct Tax. The effect of this tax is borne by these tax payers themselves, the tax payer cannot shift the incidence of the tax upon somebody else. In other words a direct tax is demanded from the very person who it is intended or devised for.

The history of Income-Tax in modern India dates back to 1860 when the first Income Tax Act was introduced by James Wilson who became (British) India's first finance member. 

Under the relevant tax provisions, the Board may reduce the minimum distribution requirement by up to 20 percent of the statutory percentage.

Non Tax Revenue Receipts are those revenue receipts which are not generated by Taxing the public. 

The firm is paying tax according to the VAT system. VAT stands for Value Added Tax, which is a type of tax that is assessed incrementally, based on the increase in value of a product or service at each stage of production or distribution. 

For self-occupied property constructed after April 1, 1999, the maximum deduction for interest on housing loans is Rs 1,50,000 (though this limit has been increased in recent years, 1.5 lakh is the historical standard for this specific question context).

An annuity involves a series of equal payments at regular intervals. Therefore, the average after-tax profit is equal to the profit of any individual year.