Taxes are one of biggest resource for the governments to raise funds which areused for varied purposes. Taxis not just a three-letter word,it is the fees we pay for the country we want.

The incidence of Income Tax is directly on the tax payer,it is paid on the net income a person earns during the financial year (April–March)based oncertain set of rules and regulations as defined in the Income tax Act. That is why it is called as direct tax. To explain it in a much simpler way, I will use one of the most common quotes for Income tax “If you ever want to teach children about taxes then buy them an ice cream and then take 30% of it away”

Talking about GST, we all know that we pay GST on every purchasewe make. GST is nothing but acombination of various taxes of the past such as value added tax and service tax. The incidence of GST is indirectly on the consumer as he pays to the person from whom he is acquiring goods or availing any service.The goods or service provider has to pay the tax to the government and this is why it is called as indirect tax.

In the upcoming articles, we will commence with a series of Taxology 101and Taxology301 a basic and an advanced explanation of the psychology behind taxation. We will also look at answering your questions withregards to taxation and financial aspects. The above was an example ofhow Taxology 101 will be a simple small lesson for everyone intheir social time.