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It is a form of tax collected by the government underneath Section three of the Indian Stamp Act, 1899. It should be paid on time as making a delay in payment invites penalty which ranges from 2 % to 200 percent of the deficit quantity. In case the property is joint, stamp duty might be divided between each parties. Generally, a purchaser should pay the stamp responsibility. Any Indian person under the age of 60 who earns more than Rs 2.5 lakh is required to pay income tax. Individuals above the age of 60 who earn greater than Rs 2.5 lakh per 12 months must pay taxes to the government of India. The federal government generates revenue through taxes. Taxes are labeled into two types, and they're - Direct Taxes and Indirect Taxes. A bond’s present value is predicated on two calculations. The native authorities imposes the tax on the present owner of the house. Input the variables and calculate the present value of the principal funds. Securities Transaction Tax: This Tax levied on the value of securities transacted by means of recognized Stock Exchanges which is known as Securities Transaction Tax

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