PRINCIPAL TAXES

The principal taxes are as follows.
1. Taxes on income:
a. Income tax:
b. Agricultural income tax (levied only by states);
c. Interest tax (applicable to banking and financial companies).

2. Taxes on transactions:
a. Local sales tax (levied only by states);
b. Central sales tax;
c. Excise duty;
d. Customs duty;
e. Stamp duty;
f. Gift tax;
g. Expenditure tax.

3. Taxes on property:
a.Wealth tax;
b.Property tax.

Five major types of business tax:
1. Corporate franchise tax
2. Employment tax
3. Excise tax
4. Gross receipt tax
5. VAT

PECULIAR FINANCIAL WORD

Burn Rate-
The rate at which a company is spending its cash reserves.