This presentation gives an introduction to Taxation
What is a TAX?
Types of Taxes in India
Direct Tax
Sub categories of Direct Tax
Indirect Taxes
Benefits of Taxes
Advantages of Paying taxes
Penalty for not Paying taxes
The Goods and Services Tax was implemented in July 2017 in an effort to subsume multiple indirect taxes. The new tax regime has been adopted quite well by businesses across the country since its implementation. The Goods and Services Act will also have a great impact on the tax system in India by reducing the unfavorable effect of tax on the cost of goods and services. It is expected that the creation of the Goods and Services Tax Act and its implementation will have a great impact on various aspects of business in India by changing the traditional pattern of pricing the products and services.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
The Goods and Services Tax was implemented in July 2017 in an effort to subsume multiple indirect taxes. The new tax regime has been adopted quite well by businesses across the country since its implementation. The Goods and Services Act will also have a great impact on the tax system in India by reducing the unfavorable effect of tax on the cost of goods and services. It is expected that the creation of the Goods and Services Tax Act and its implementation will have a great impact on various aspects of business in India by changing the traditional pattern of pricing the products and services.
taxes are income of government. india is a developing country, therefore taxes is important source of income to indian government. the majority of taxes which are mostly collected by the government is included in this presentation.
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
Presentation on the Indirect Tax system in India, the need for tax reforms, the journey to GST, basic understanding and features of GST and the benefits of GST.
•What is income tax –Best income tax lawyer in lucknow.pptxGabrielLechner1
Income tax is a tax that governments impose on individuals' earnings or income, including wages, salaries, dividends, interest, rental income, and other sources of income. The purpose of income tax is to generate revenue for the government to fund public services, infrastructure, and other expenditures.
Income tax is usually progressive, meaning that higher-income individuals are taxed at higher rates. Tax rates and brackets can vary significantly between countries, and some countries may also have different tax rates for different types of income (e.g., earned income vs. investment income).
Taxpayers are typically required to file tax returns annually, reporting their income and calculating the amount of tax they owe based on the applicable tax rates and deductions. Taxpayers may also be eligible for various tax credits and deductions that can reduce their taxable income or the amount of tax they owe.
Governments use various methods to collect income tax, such as withholding taxes from paychecks (pay-as-you-earn or PAYE system), estimated tax payments for self-employed individuals, and annual tax return filings for individuals and businesses.
Overall, income tax is a crucial component of a country's tax system, providing essential revenue for government operations and public services while also influencing economic behavior and wealth distribution.
There are several reasons why taxes are necessary. First and foremost, taxes provide the government with the funds needed to finance essential public services and projects that benefit society as a whole. These services include maintaining roads and bridges, funding public schools and universities, providing healthcare services, and ensuring public safety through law enforcement and emergency services.
Additionally, taxes play a crucial role in redistributing wealth and reducing economic inequality. Progressive tax systems, for instance, require higher-income individuals to pay a larger percentage of their income in taxes, while lower-income individuals pay a lower percentage. This helps ensure that wealthier individuals contribute proportionally more to society's needs and helps fund social welfare programs that support disadvantaged populations.
Furthermore, taxes can be used as a tool to influence economic behavior and achieve policy objectives. For example, governments may use tax incentives or penalties to encourage environmentally friendly practices, promote investment in specific industries or regions, or discourage harmful activities such as smoking or excessive consumption of sugary drinks.
In summary, taxes are necessary for funding public services, reducing economic inequality, and achieving various policy goals that benefit society as a whole. While they may be a source of contention for some, they are a fundamental aspect of modern governance and play a vital role in shaping the economic and social landscape of a country.
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This word file contain all information regarding taxation in india, income tax returns, types of income tax , direct tax, indirect tax, wealth tax, income tax ,excise duty , which helps you to gain knowledge about taxation in brief, and also helps you in making internship report on taxation or income tax.
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GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
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Types of Taxes, Taxes are essential to the functioning of any country, as they are the primary source of revenue for the government. While taxes may seem like a complicated subject, they are essential to maintaining the infrastructure of our country. There are several types of taxes that individuals and businesses have to pay, each with its own set of rules and regulations. In this article, we will explore the different types of taxes and how they work.
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Although the lungs are one of the most vital organs in the body, they are vulnerable to infection and injury. COVID-19 has put the entire world in an unprecedented difficult situation, bringing life to a halt and claiming thousands of lives all across the world. Medical imaging, such as X-rays and computed tomography (CT), is essential in the global fight against COVID-19, and newly emerging artificial intelligence (AI) technologies are boosting the power of imaging tools and assisting medical specialists. AI can improve job efficiency by precisely identifying infections in X-ray and CT images and allowing further measurement. We focus on the integration of AI with X-ray and CT, both of which are routinely used in frontline hospitals, to reflect the most recent progress in medical imaging and radiology combating COVID-19.
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The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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2. • What is a TAX?
• Types of Taxes in India
• Direct Tax
• Sub categories of Direct Tax
• Indirect Taxes
• Benefits of Taxes
• Advantages of Paying taxes
• Penalty for not Paying taxes
3. TAX
• Taxes are levied by governments on their citizens to generate income
for undertaking projects to boost the economy of the country and to
raise the standard of living of its citizens.
• The authority of the government to levy tax in India is derived from
the Constitution of India, which allocates the power to levy taxes to
the Central and State governments.
• All taxes levied within India need to be backed by an accompanying
law passed by the Parliament or the State Legislature.
• The payment of tax is beneficial on multiple levels including the
development of nation, betterment of infrastructure, the upliftment
of the society, and even for welfare activities for the nation.
4. Types of Taxes in India
• There are two main categories of taxes, which are further sub-divided
into other categories. The two major categories are:
•Direct Tax
•Indirect Tax
• There are also minor cess taxes that fall into different sub-categories.
• Within the Income Tax Act, there are different acts that govern these
taxes.
5. Direct Tax
• Direct tax is tax that are to be paid directly to the government by the
individual or legal entity.
• Direct taxes are overlooked by the Central Board of Direct Taxes
(CBDT).
• Direct taxes cannot be transferred to any other individual or legal
entity.
6. Sub-categories of Direct Taxes
Income tax:
• This is the tax that is levied on the annual income or the profits which
is directly paid to the government. Everyone who earns any kind of
income is liable to pay income tax.
• For individuals below 60 years of age, the tax exemption limit is Rs.2.5 lakh
per annum. For individuals between the age of 60 and 80, the tax exemption
limit is Rs.3 lakh. For individuals above the age of 80, the tax exemption limit
is Rs.5 lakh. There are different tax slabs for different income amounts.
• Apart from individuals, legal entities are also liable to pay taxes. These
include all Artificial Judicial Persons, Hindu Undivided Family (HUF),
Body of Individuals (BOI), Association of Persons (AOP), companies,
local firms, and local authorities
7. Sub-categories of Direct Taxes
• Capital gains: Capital gains tax is levied on the sale of a property or
money received through an investment. It could be from either short-
term or long-term capital gains from an investment. This includes all
exchanges made in kind that is weighed against its value.
• Securities transaction Tax: STT is levied on stock market and
securities trading. The tax is levied on the price of the share as well as
securities traded on the ISE (Indian Stock Exchange).
• Prerequisite Tax: These are taxes that are levied on the different
benefits and perks that are provided by a company to its employees.
The purpose of the benefits and perks, whether it is official or
personal, is to be defined.
8. Sub-categories of Direct Taxes
• Corporate tax: The income tax paid by a company is defined as the
corporate tax. It is based on the different slabs that the revenue falls
under. The sub-categories of corporate taxes are as follows:
• Dividend distribution tax (DDT): This tax is levied on the dividends that
companies pay to the investors. It applies to the net or gross income that an
investor receives from the investment.
• Fringe benefit tax (FBT): This is tax levied on the fringe benefits that an
employee receives from the company. This include expenses related to
accommodation, transportation, leave travel allowance, entertainment,
retirement fund contribution by the employee, employee welfare, Employee
Stock Ownership Plan (ESOP), etc.
• Minimum Alternative Tax (MAT): Companies pay the IT Department through
MAT which is governed by Section 115JA of the IT Act. Companies that are
exempt from MAT are those that are in the power and infrastructure sectors.
9. • Taxes that are levied on services and products are called indirect tax. Indirect
taxes are collected by the seller of the service or product. The tax is added to the
price of the products and services. It increases the price of the product or service.
There is only one indirect tax levied by the government currently. This is called
GST or the Goods and Services Tax.
• GST: This is a consumption tax that is levied on the supply of services and goods
in India. Every step of the production process of any goods or value-added
services is subject to imposition of GST. It is supposed to be refunded to the
parties that are involved in the production process (and not the final consumer).
• GST resulted in the elimination of other kinds of taxes and charges such as Value
Added Tax (VAT), octroi, customs duty, Central Value Added Tax (CENVAT), as well
as customs and excise taxes. The products or services that are not taxed under
GST are electricity, alcoholic drinks, and petroleum products. These are taxed as
per the previous tax regime by the individual state governments
10. Other taxes
Other taxes are minor revenue generators and are small cess taxes. The
various sub-categories of other taxes are as follows:
• Property tax: This is also called Real Estate Tax or Municipal Tax. Residential and
commercial property owners are subject to property tax. It is used for the
maintenance of some of the fundamental civil services. Property tax is levied by
the municipal bodies based in each city.
• Professional tax: This employment tax is levied on those who practice a
profession or earn a salaried income such as lawyers, chartered accountants,
doctors, etc. This tax differs from state to state. Not all states levy professional
tax.
• Entertainment tax: This is tax that is levied on television series, movies,
exhibitions, etc. The tax is levied on the gross collections from the earnings.
Entertainment tax also referred as amusement tax.
11. Other taxes cont..
• Registration fees, stamp duty, transfer tax: These are collected in addition to or
as a supplement to property tax at the time of purchasing a property.
• Education cess: This is levied to fund the educational programs launched and
maintained by the government of India.
• Entry tax: This is tax that is levied on the products or goods that enter a state,
specifically through e-commerce establishments, and is applicable in the states of
Delhi, Assam, Gujarat, Madhya Pradesh, etc.
• Road tax and toll tax: This tax is used for the maintenance of roads and toll
infrastructure.
12. Benefits of taxes
The purpose of taxes is to provide the government with funds for spending without inflation. Taxes are used by
the government for a variety of purposes, some of which are:
• Funding of public infrastructure
• Development and welfare projects
• Defence expenditure
• Scientific research
• Public insurance
• Salaries of state and government employees
• Operation of the government
• Public transportation
• Unemployment benefits
• Pension schemes
• Law enforcement
• Public health
• Public education
• Public utilities such as water, energy, and waste
management systems
Tax is levied on a wide range of income stemming from salary,
profits from business, property rental, etc. There are also wealth
taxes, sales taxes, property taxes, payroll taxes, value-added
taxes, service taxes, etc.
13. Advantages of Paying Taxes
It is compulsory and beneficial for anyone who earns a taxable salary (which is one
that exceeds the basic exemption limit) to file their income tax returns. This is the
case even if the tax liability is zero after deductions. However, even if your income
is less than the basic exemption limit, there are advantages to filing taxes. Here are
some of the benefits of paying your taxes on time:
Loan approvals:
Visa applications:
Self-employed individuals
Government tenders:
Carrying forward of losses:
Claiming tax refunds:
High-cover life insurance:
Compensation:
14. Penalty for not Paying Taxes
• The government can impose penalties of varying
degrees on any individual or legal entity who
evades taxes.
• The penalty is dependent on the category of the
tax that has not been paid.
• This means that the amount that is owed as
taxes should be paid and in addition to that, the
fine as well as its interest is to be paid as the
penalty.