Here's a detailed breakdown of the various taxes in India, along with examples and calculation formulas:

Direct Taxes:

1. Income Tax - A tax on the income of individuals, including salaries, wages, and profits from business or investments.

Example: If a person earns an annual salary of Rs. 10 lakhs, the income tax liability would be calculated as follows:

Income Tax Liability = (Taxable Income x Tax Rate) - (Tax Rebates + Tax Deductions)

Assuming the person is not eligible for any tax deductions or rebates, the taxable income would be Rs. 10 lakhs. As per the current tax slabs, the tax rate for this income bracket is 20%. Therefore, the income tax liability would be:

Income Tax Liability = (10,00,000 x 20%) - (0 + 0) = Rs. 2,00,000

2. Corporate Tax - A tax on the profits of companies and corporations.

Example: If a company earns a profit of Rs. 1 crore, the corporate tax liability would be calculated as follows:

Corporate Tax Liability = Profit Before Tax x Tax Rate

Assuming the tax rate is 30%, the corporate tax liability would be:

Corporate Tax Liability = 1,00,00,000 x 30% = Rs. 30,00,000

3. Wealth Tax - A tax on the net wealth of individuals, including assets such as property, investments, and jewelry.

Example: If a person has a net wealth of Rs. 2 crores, the wealth tax liability would be calculated as follows:

Wealth Tax Liability = Net Wealth x Tax Rate

Assuming the tax rate is 1%, the wealth tax liability would be:

Wealth Tax Liability = 2,00,00,000 x 1% = Rs. 2,00,000

4. Capital Gains Tax - A tax on the profits from the sale of capital assets, such as stocks, real estate, or other investments.

Example: If a person sells a piece of property for Rs. 50 lakhs, and the cost of acquisition was Rs. 30 lakhs, the capital gains tax liability would be calculated as follows:

Capital Gains Tax Liability = (Sale Price - Cost of Acquisition) x Tax Rate

Assuming the tax rate is 20%, the capital gains tax liability would be:

Capital Gains Tax Liability = (50,00,000 - 30,00,000) x 20% = Rs. 4,00,000

5. Securities Transaction Tax - A tax on the purchase and sale of securities such as stocks, bonds, and derivatives.

Example: If a person buys shares worth Rs. 1 lakh, the securities transaction tax liability would be calculated as follows:

Securities Transaction Tax Liability = Purchase Price x Tax Rate

Assuming the tax rate is 0.1%, the securities transaction tax liability would be:

Securities Transaction Tax Liability = 1,00,000 x 0.1% = Rs. 100

Indirect Taxes:

1. Goods and Services Tax (GST) - A comprehensive tax on the supply of goods and services across India, replacing multiple indirect taxes such as excise duty, service tax, VAT, etc.

Example: If a person buys a mobile phone for Rs. 20,000, and the GST rate on mobile phones is 12%, the GST liability would be calculated as follows:

GST Liability = (Purchase Price x GST Rate) / (100 + GST Rate)

GST Liability = (20,000 x 12%) / (100 + 12%) = Rs. 2,400

2. Customs Duty - A tax on goods