This document outlines the various types of taxes in India including direct and indirect taxes. Direct taxes include income tax and wealth tax, with income tax rates varying based on taxpayer type (individual, HUF, firm, local authority, or company). Indirect taxes include excise duty, custom duty, central sales tax, value added tax, and service tax. The document also provides details on income tax slabs and rates for individuals of different ages, sources of income, special features of income tax law, recent amendments, and income computation and disclosure standards.

2. Types Of Tax In India
• DIRECT TAX
– INCOME TAX
– WEALTH TAX
• INDIRECT TAX
– EXCISE DUTY
– CUSTOM DUTY
– CENTRAL SALES TAX
– VALUE ADDED TAX
– SERVICE TAX

3. DIRECT TAX
INCOME
TAX RATES
INDIVIDUALS
OR HUF
SLAB RATES AS
DESCRIBED IN
NEXT SLIDE
FIRMS FLAT 30%
LOCAL
AUTHORITY
FLAT 30%
COMPANY
DOMESTIC COMPANY
•FLAT 30%
FOREIGN COMPANY
•FLAT 40%

4. RATES CONTINUED…
• INDIVIDUALS OR HUF
– SLAB RATES
• FOR MAN OR WOMEN UPTO 60 YEARS OF AGE
LEVEL OF TOTAL INCOME RATE OF INCOME TAX
UPTO Rs.250000 NIL
Rs. 250000 to Rs. 500000 10%
Rs. 500000 to Rs.1000000 20%
ABOVE Rs. 1000000 30%

5. RATES CONTINUED…
• INDIVIDUALS
– SLAB RATES
• FOR MAN OR WOMEN OF AGE 60 YEARS OR MORE BUT
LESS THAN 80 YEARS (SENIOR CITIZEN)
LEVEL OF TOTAL INCOME RATE OF INCOME TAX
UPTO Rs.300000 NIL
Rs. 300000to Rs. 500000 10%
Rs. 500000 to Rs.1000000 20%
ABOVE Rs. 1000000 30%

6. RATES CONTINUED…
• INDIVIDUALS
– SLAB RATES
• FOR MAN OR WOMEN OF AGE MORE THAN 80 YEARS
(VERY SENIOR CITIZEN)
LEVEL OF TOTAL INCOME RATE OF INCOME TAX
UPTO Rs.500000 NIL
Rs. 500000 to Rs.1000000 20%
ABOVE Rs. 1000000 30%

7. HEADS OF INCOMES AS PER ACT
• SALARY
• HOUSE PROPERTY
• PROFIT AND GAINS FROM BUSINESS OR
PROFESSION
• CAPITALS GAINS
– LONG TERMS
– SHORT TERMS
• OTHER SOURCES

8. SPECIAL FEATURES OF INCOME TAX
• CLUBBING
• DEPRECIATION AS PER ACT
• INCOME COMPUTATION AND DISCLOSURE
STANDARDS
• PRESUMPTIVE BASIS OF COMPUTATION OF
TOTAL INCOME UNDER SEC. 44AD/AE

9. NEW AMMENDMENTS IN PREVIOUS
YEAR 2016-17
• LIMIT U/S 44-AB RAISED: The limit of gross reciept
u/s 44-ab for audit has been increased from 1crore to 2 crores
in case of businesses, and from Rs. 25 lakhs to Rs.50 lakhs in
case of Business
• LIMIT U/S 44AE (Presumptive Income for plying/hiring/leasing
of good carrige) :Presumptive income per vechile for
owner of both heavy as well as light vechile will be
Rs.7500 per month

10. NEW AMMENDMENTS IN PREVIOUS
YEAR 2016-17 CONTINUED…
• Quoting of PAN is compulsory for deduction of TDS
• TCS on cash sale: W.E.F 1/06/2016 every seller/service provider is required to
collect tax at source @1% of the total consideration, if the amount of tax (single)
bill is more than rs. 200000 and consideration (or part of it) is received in cash.
TCS has to be collected at the time of debiting of the amount payable to the buyer
or at time of reciept of payment, whichever is earlier

11. INCOME COMPUTATION AND DISCLOSURE STANDARDS
ICDS NO. PARTICULARS EQUIVALENT
TO AS
ICDS I ACCOUNTING POLICY 1
ICDS I VALUATION OF INVENTORY 2
ICDS III CONSTRUCTION CONTRACTS 7
ICDS IV REVENUE RECOGNITION 9
ICDS V TANGIBLE FIXED ASSETS 10
ICDS VI EFFECTS OF CHANGE IN FOREIGN EXCHANGE RATES 11
ICDS VII GOVERNMENT GRANDS 12
ICDS VIII SECURITIES 30
ICDS IX BORROWING COSTS 16
ICDS X PROVISIONS, CONTINGENT ASSETS & CONTINGENT
LIABILITIES
29

12. Get Ready
For!!

13. INDIRECT TAXES

14. INDIRECT TAXES
Types Of Indirect Tax Rates Levied
Value Added Tax 12.5%
Service Tax 15% (including swachh bharat cess and
krishi kalyarn cess)
Cusom Duty 12.5%
Excise Duty 14%
Central Sales Tax 2%

15. The
Final
Word!!