The document discusses different types of taxes in India. It begins by defining what a tax is and why governments impose taxes. It then discusses the main types of taxes - direct and indirect taxes. Direct taxes include income tax, wealth tax, gift tax, and expenditure tax which individuals must pay directly to the government based on their income or wealth. Indirect taxes include GST, sales tax, service tax, VAT, and customs duty which are added to the price of goods and services and ultimately paid by consumers. The key difference between direct and indirect taxes is how they are collected.
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
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
MEANING
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
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
Deferred Tax,
By: Mahima Pahwa (IBS Gurgaon)
Differences between Accounting Income and Taxable Income
TYPES OF DEFERRED TAX
DEFERRED TAX LIABILITY
FINANCIAL STATEMENTS PRESENTATION
MEANING
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
MEANING
DEFINITION
CLASSIFICATION OF PUBLIC EXPENDITURE
CAUSES FOR THE GROWTH OF PUBLIC EXPENDITURE
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.
Understand taxation system of india choksi taxChoksitax
Don’t Know about Taxation System abut India? Doesn’t Worry about Tax here I am sharing all the information including about Tax and in India how many types of Tax have to pay for commercial business and normal citizens.
•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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The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
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The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2. What is Tax?
To delve deeper into income tax, we need to first
understand what tax is.
The government needs funds to carry out public
expenditures or conduct government activities. In other
words, it needs financial contribution from the public for
running the country. For this sake, the government
imposes a tax in the form of a compulsory financial
contribution on the income, profits, occupation, property,
etc. to keep its ship sailing.
In India: Taxes can be levied by the Central or State
Government or Local Bodies. They have to be in
accordance with the laws passed by the State Legislature
and Parliament.
3. Advantages of Paying Taxes
•The money is utilized in uplifting the society
•The government is able to carry out welfare activities
•Funding of plans for aiding the development and
protection of the country
•An investment pool is created to be utilized for the public
•For the betterment of the infrastructure facilities
4. Indirect
Types of Taxes
Taxes can be broadly classified into two types: Direct and Indirect
Direct Tax
Types of Taxes
5.
6. These taxes, as the name suggests, include taxes that need to be paid by you directly.
They cannot be transferred to anyone else. The Central Board of Direct Taxes or
CBDT overlooks this category of taxes. There are different acts that govern different
aspects of direct taxes, some of which are discussed below:
What is Direct Tax ?
Income Tax Act: The Income Tax Act or the IT Tax of 1961 is the one responsible for setting
rules that regulate income tax in India.Income can be derived from various sources like
salary, businesses, income from property, investment gains etc. The tax slabs and tax savings
through investments are decided by the Income Tax Act as are thetax benefits available on
life insurance premiums or fixed deposits.
7. Wealth Tax Act: The Wealth Tax has been abolished since April 01, 2015.
The Wealth Tax Act of 1951 was responsible for taxation pertaining to the net wealth
of an individual, company or HUF (Hindu Undivided Family).
It has been replaced by a surcharge amounting to 15% to those who earn more than
1 crore annually. Likewise, it applies to companies with a revenue of more than
10 crores annually.
Gift Tax Act: The Gift Tax Act came into being in 1958 and was abolished in 1998.
According to this act, if an individual received a gift in the form of money and
other valuables, he had to pay a tax on the gifts. As per the act, there was no tax on giving but
only on receiving gifts. It was set at 30%. Finally, it was re-introduced in the year 2004 under the
head income from other sources. Now, if a person receives over INR 50,000 worth of gifts,
it will be taxed as income in the hands of the receiver, with some exemptions, of course.
Expenditure Tax Act: The Expenditure Tax Act of 1987 is concerned with the expenses that
an individual incurs when he or she avails the services of a restaurant or hotel.
It is not applicable in Jammu and Kashmir. Some expenses are chargeable under the act
if they go over INR 3,000 in a hotel and all the expenses in a restaurant.
Interest Tax Act: The Interest Tax Act of 1974 deals with taxes payable on interest earned
in specific situations. Later on, it was amended to exclude the interest tax on interests
earned after March 2000.
8. Direct taxes can be categorized into the following:
1. Income Tax: The tax levied on one’s annual income or profits that are
paid directly to the government is the income tax. It is dependent on the
annual income and is required to be paid to the government directly.
Income Tax Slabs
Anyone and everyone who earns an income in India is bound to pay their
Income Tax. This includes Indian citizens below 60 years earning more than INR
2.5 lakhs per annum as well as those above 60 years earning more than INR 3
lakhs per annum. The other entities liable to pay taxes are HUF or Hindu
Undivided Family, AOP or Association of Persons, BOI or Body of Individuals,
Corporate Firms, Local Authorities, Companies and all Artificial Juridical
Persons.
9.
10.
11. Indirect Tax:
Indirect taxes are the taxes that are imposed on all goods and services. They are deemed
indirect as they are collected by the source that sells the product. These taxes are added to
the price of the services and products, thereby increasing the product’s cost.
GST: This consumption-based tax is levied wherever consumption happens or takes place.
It is added to value-added services and goods in each and every stage of consumption in
the entire supply chain. It was implemented on 01 July, 2017. GST helped in doing away with VAT
, customs, excise or CENVAT, customs duty and octroi
Other Tax:
All the other small cess taxes that are minor revenue generators fall under this category, like the o
Professional Tax: This is the employment tax that is levied by the Government of India on those
who earn a salaried income or practice a profession such as lawyers, doctors, chartered
accountants etc. The rate of this tax differs across states and all the states do not levy this tax.
Property Tax: This tax goes by many names like Municipal Tax or Real Estate Tax. This tax is
levied by city-wise local municipal bodies for the upkeep and maintenance of basic
civil services. Owners of commercial and residential properties are subject to this tax.
12. Stamp Duty, Registration Fees, Transfer Tax: A stamp duty, transfer tax or registration
fees is collected as a supplement to the property tax owing to the additional charges
than an employee pays at the time of purchasing a property.
Entertainment Tax: Entertainment tax is the tax that is levied on feature films, exhibitions,
television series etc. For the purpose of tax, the gross collection from earnings
is taken into account.
Education Cess: This tax was introduced in India to take care of educational programs
sponsored by the government. The rate is 2% of a person’s income.
Toll Tax and Road Tax: This self-explanatory tax is one that you pay for the use of
infrastructure of any sort that is developed by the government. The negligible tax is used
for the upkeep and maintenance of the facilities.
Entry Tax: An entry tax is collected by certain states such as Gujarat, Assam,
Madhya Pradesh, and Delhi etc. by charging 5.5-10% tax on all the items that enter the
state through e-commerce establishments.
13. Indirect Tax vs. Direct Taxes
Indirect taxes and direct taxes differ in many ways, but the most common is how they are paid.
1. From the name itself, direct tax is paid directly to the government while the indirect tax is
paid indirectly. It means that though it is imposed on a particular company or supplier,
it can pass the tax on to its consumers, ultimately transferring the burden to the latter.
2. Direct taxes, on the one hand, are taken from an individual’s earnings while indirect taxes
are imposed on goods that consumers buy. Furthermore, direct taxes are calculated based
on the paying capacity of the individual. Indirect taxes, on the other, do not look at the
consumer’s ability to pay but is the same for everyone who buys the goods or services.
3.Examples of indirect taxes are excise tax, VAT, and service tax. Examples of direct taxes are
income tax, personal property tax, real property tax, and corporate tax.