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Vote India  >>  Business & Finance >> Taxes

A tax is a financial charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state.Taxes could also be imposed by a subnational entity. Taxes consist of direct tax or indirect tax, and may be paid in money or as corvée labor. A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government a payment exacted by legislative authority. A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is any contribution imposed by government whether under the name of toll, tribute, tallage, gabel,impost, duty, custom, excise, subsidy, aid, supply, or other name.