what is tax? what is taxation, history, and what is taxation? tax authorities, why tax levied Types of taxation, types of tax, direct tax indirect tax. principles of good tax, Complete ppt on tax, excise duty, sales tax, customs duty, value-added tax, Income tax, wealth tax, gift tax, property tax, conclusion. #tax #direct tax #indirexct tax. #tax authorities# progressive tax #regressive tax #specific duty #incidence of tax #impact of tax.

2. A part of public incomes collected by government.
Tax is a compulsory demand money by public
authority for public purpose and is enforcable by law.
In other words we can say taxes are financial
contribution by individuals and organization.

7. TYPES OF
TAXATION
On the basis
of relationship
between Tax
Base & Tax
Rate
On the basis
of
Method of
Assessment
On the basis
of
Impact &
Incidence of
Tax

8. Proportional taxes:- Taxes which are in direct proportion to the change in Tax
Bases. The base could be income, value of goods, property etc. In proportional
tax system, same percentage of tax is levied on all tax payers, regardless of their
income.
For example:- Property tax is based on proportion of value of property. If
the tax base i.e. value of property tax goes up and if the value of property goes
down the tax also goes down,
Progressive tax :- Taxes which increase with the increase in income,
For example:- Income tax. If the income of individual is up to
Rs.250000/-
The tax rate is NIL , and if income is from 250000/- to 5000000/- tax rate is 5%, If
income is from 5000000/- to 1000000/- , tax rate is 20%.
Regressive tax:- With the increasing in the income, the tax rates decreases, in
such regressive taxes. This system of taxation generally benefits the higher
section of the society having higher incomes as they need to pay tax at lesser.
On the other hand,
People with the lesser incomes are burdened with higher rate of taxation.
A person earning Rs. 1,00,0000 p.a. might be required to pay taxes at 50%

9. Degressive Tax:- Taxes which are mildly progressive. Such taxes may be first
increased to some limit and then after one point they may be charged according to
a fixed flat rate. For example:- Income tax increase up to income of Rs. 10lacs and
there after rate of 30% applies.
Specific Duty:- Taxes levied according to some unit of a product is called as
Specific Duty. For example, Excise duty on cigarettes are levied on the basis of
the length of the cigarettes.
Ad- valorem tax:- Taxes levied on the basis of value of the goods is called as Ad-
Valorem Duty. It is generally expressed in percentage form. Central GST is an ad-
valorem tax.
Incidence of Tax:- Impact of tax means the first burden of tax. Incidence of Tax
falls on a person on whom the tax levied on the first time. Incidence of tax can be
shifted to other persons.
Impact of Tax:- Impact of tax means the ultimate/final burden of tax. Impact of tax
falls
On the persons who ultimately bears the burden of Tax i.e. the consumer. On the
basis of incidence and impact of tax, a tax can be either Direct Tax or Indirect
Tax.

10. TYPES OF
TAX
DIRECT
TAX
INDIRECT
TAX
TAX CAN BE CLASSIFIED IN TWO TYPES

13. Income Tax Act is also called the IT Act, 1961. Income Tax
in India is governed by the rules set by this act. The
income taxed by this act can be generated from any source
such as profits received from salaries and investments,
owning a property or a house, a business, etc. The IT Act
defines the tax benefit you can avail on a life insurance
premium or a fixed deposit. It also decides the savings
from your income via investments and the tax slab for
your income tax.

14. A wealth tax is a tax levied on the net fair market value of a taxpayer’s
assets.
A wealth tax applies to the net fair market value of all or some of a
variety of asset types held by a taxpayer, including cash, bank deposits,
shares, fixed assets, personal cars, real property, pension plans, money
funds, owner-occupied housing, and trusts.
France, Portugal, and Spain all have wealth taxes.
It helps to remove in equality.
NET WORTH TAX = ASSETS-LIABILITIES

15. Gifts up to Rs 50,000 in a financial year are exempt
from tax. However if you receive gifts higher than this
amount, the entire gift becomes taxable.
For example, if you receive Rs 75,000 as a gift from
your friend, the entire amount of Rs 75,000 would be
added to your income and taxed at your slab rate.
Property tax is the annual amount paid by a
land owner to the local government or the
municipal corporation of his area. The
property includes all tangible real estate
property, his house, office building and the
property he has rented to others.
For example, if you are receiving Rs. 1.2 lakh as rent annually
on a house you have let out, and you are paying Rs. 40,000 as
municipal taxes, then the Net Annual Value of your house is
Rs. 80,000, and you have to pay tax only on this amount.

16. Excise Duty is an indirect tax. This means that the end consumer is not
responsible for paying the tax to the government, but they do cover the
cost of the tax by paying more for the product.
By making products more expensive, Excise Duty is supposed to
discourage the consumption or waste of goods that are deemed to be
harmful to consumers' health or damaging to the environment. Typically,
Excise Duty covers alcohol, tobacco, and some energy products.
A sales tax is a tax paid to a governing
body for the sales of certain goods and
services. Usually laws allow the seller to
collect funds for the tax from the
consumer at the point of purchase.
Sales tax is an amount of money, calculated as a percentage,
that is added to the cost of a product or service when purchased by a
consumer at a retail location.

17. Customs Duty is a tax imposed on imports and
exports of goods.
Customs Duty’ refers to the tax imposed on the
goods when they are transported across the
international borders. The objective behind
levying customs duty is to safeguard each nation’s economy, jobs,
environment, residents, etc., by regulating the movement of goods,
especially prohibited and restrictive goods, in and out of any country.
A value-added tax (VAT) is a consumption tax
placed on a product whenever value is added
at each stage of the supply chain, from
production to the point of sale. The amount
of VAT that the user pays is on the cost of the
product, less any of the costs of materials used in the product that have
already been taxed.