The document provides an overview of India's tax structure. It discusses that taxes are levied by the government to generate income and raise standards of living. India has a three-tier federal tax structure with taxes levied by the central, state, and local governments. The main types of taxes are direct taxes like income tax, and indirect taxes like goods and services tax. Certain incomes related to agriculture are exempt from income tax in India. The tax system is governed by various acts related to income, wealth, gifts, and other taxes.
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.
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
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.
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.
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.
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.
GST Overview - Know All About Goods and Service Tax Smart Taxation System in ...HostBooks Limited
GST Overview: Know about 'Goods and Service Tax' smart Taxation System in India. Learn about GST, Indirect Tax structure in India before GST, GST Rates, GST Compensation Cess, Input Tax Credit, GST Composition Scheme, GST Return, TCS in GST eWay Bill and GST Audit through our PPTs and PDFs.
This presentation contain information regarding history of income tax, legal framework, tax collection bodies, types of tax, income tax, canons of taxation and definition for the term assesse, person, previous year, assessment year, income, total income and gross total income and agriculture income as per IT act 1961
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.
Power point presentation for GST:-
GST is a tax on goods and services. GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. TAXES
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.
3. • There are mainly two types of Taxes,
direct tax
indirect tax
which are governed by two different boards, Central Board
of Direct Taxes (CBDT) and Central Board of Excise and
Customs (CBEC).
• But, besides these two conventional taxes, there are
also other taxes that have been brought into effect by the
Central Government to serve a particular agenda. ‘Other
taxes’ are levied on both direct and indirect taxes such as
the recently introduced Swachh Bharat Cess tax, Krishi
Kalyan Cess tax, and infrastructure Cess tax among others.
4. The taxation system in India is
featured with a 3tier federal structure
that comprises off the following: -
The uniongovernment
The state government
The local ormunicipal
government
5. Taxeson Income other than
agricultural income;
Corporation Tax;
Customs Duties;
Excise Duties except on alcoholic liquors
for human consumption and opium and
other narcotics;
Central list
6. Taxeson capital value ofassets;
Estate Duty other than on
agricultural land;
Stamp Duty in respect of
certain financial documents;
Taxesother than stamp duty on
transactions in stockexchanges
and futures market;
Taxeson inter-state sale ofgoods;
7. Taxeson sale and purchase of
newspapers and onadvertisements
published in them;
Taxeson goods and passengerscarried
by railways sea or air, taxes on railway
fare andfreight;
Taxesnotspecifically enumerated in the
State list and the concurrent list.
8. Land Revenue;
Taxeson agricultural income;
Duties in respect of succession to
agricultural land;
Estate Duty in respect of agricultural
land;
State list
9. Excise Duty on alcoholic liquors and narcotics;
Taxeson entry of goods into local area;
Taxeson consumption and sale ofelectricity;
Taxeson sale or purchase of goods other than
newspapers;
Taxeson lands andbuildings;
Taxeson mineral rights subject to any limitation
imposed by Parliament by law relating to mineral
development;
10. Taxeson advertisements other
than those inserted in
newspapers;
Taxeson goods and passengerscarried
by road on inland water transport;
Taxeson vehicles;
Taxeson animals andboats
11. Tolls;
Taxes on professions, trade , calling and
employment;
Taxeson luxuries, including entertainment,
Stamp Duty on documents, other than those
which are subject to duty by Central
Government;
14. DIRECT TAXES
• Direct tax, as stated earlier, are taxes that are
paid directly by you. These taxes are levied
directly on an entity or an individual and cannot
be transferred onto anyone else. One of the
bodies that overlooks these direct taxes is
the Central Board of Direct Taxes (CBDT) which
is a part of the Department of Revenue. It has, to
help it with its duties, the support of various
acts that govern various aspects of direct taxes.
15. Some of these acts are:
• Income Tax Act:
• This is also known as the IT Act of 1961 and sets the rules that
govern income tax in India. The income, which this act taxes,
can come from any source like a business, owning a house
or property, gains received from investments and salaries,
etc.
• Gift Tax Act:
• The Gift Tax Act came into existence in 1958 and stated that if
an individual received gifts, monetary or valuables, as gifts, a
tax was to be to be paid on such gifts. The tax on such gifts
was maintained at 30% but it was abolished in 1998. Initially if
a gift was given, and it was something like property,
jewellery, shares etc.
16. Wealth Tax Act:
• The Wealth Tax Act was enacted in 1951 and is
responsible for the taxation related to the net wealth of
an individual, a company or a Hindu Unified Family.
• The simplest calculation of wealth tax was that if the net
wealth exceeded Rs. 30 lakhs, then 1% of the amount that
exceeded Rs. 30 lakhs was payable as tax. It was
abolished in the budget announced in 2015. It has since
been replaced with a surcharge of 12% on individuals that
earn more than Rs. 1 crore per annum. It is also
applicable to companies that have a revenue of over Rs.
10 crores per annum.
17. • Expenditure Tax Act:
• This is an act that came into existence in 1987 and deals
with the expenses you, as an individual, may incur while
availing the services of a hotel or a restaurant. It is
applicable to all of India except Jammu and Kashmir. It
states that certain expenses are chargeable under this
act if they exceed Rs. 3,000 in the case of a hotel and all
expenses incurred in a restaurant.
• · Interest Tax Act:
• The Interest Tax Act of 1974 deals with the tax that was
payable on interest earned in certain specific situations.
In the last amendment to the act it was stated that the
act does not apply to interest that was earned after
March 2000.
•
18. • By definition, indirect taxes are those taxes that are levied
on goods or services. They differ from direct taxes
because they are not levied on a person who pays them
directly to the government, they are instead levied on
products and are collected by an intermediary, the person
selling the product.
• The most common examples of indirect tax Indirect tax
can be VAT (Value Added Tax), Taxes on Imported Goods,
Sales Tax, etc.
• These taxes are levied by adding them to the price of the
service or product which tends to push the cost of the
product up.
19. Examples of Indirect Taxes
• Sales Tax:
• As the name suggests, sales tax is a tax that is levied on
the sale of a product.
• Service Tax:
• Like sales tax is added to the price of goods sold in India,
so is service tax added to services provided in India. In
the reading of the budget 2015, it was announced that
the service tax will be raised from 12.36% to 14%.
20. •GST - Goods and Service Tax:
The Goods and Services Tax (GST) is the largest reform in India’s indirect tax
structure since the market started opening up about 25 years ago. The GST
is a consumption-based tax, as it is applicable where consumption takes
place.
Value Added Tax:
VAT, also known as commercial tax is not applicable on commodities that
are zero rated (eg. food and essential drugs) or those that fall under
exports. This tax is levied at all the stages of the supply chain, right from the
manufacturers, dealers and distributors to the end user.
The value added tax is a tax that is levied at the discretion of the state
government and not all states implemented it when it was first announced.
The tax is levied on various goods sold in the state and the amount of the tax
is decided by the state itself.
21. Custom duty & Octroi:
When you purchase anything that needs to be imported from
another country, a charge is applied on it and that is the
customs duty. It applies to all the products that come in via
land, sea or air.
Excise Duty:
This is a tax that is levied on all the goods manufactured or
produced in India. It is different from customs duty because
it is applicable only on things produced in India and is also
known as the Central Value Added Tax or CENVAT.
22. • Professional Taxes
• Municipal Taxes
• Entertainment Taxes
• Stamp Duty, Registration Fees, Transfer Tax
• Surcharge
• Gift Taxes
• Wealth Taxes
• Toll and Road Taxes
• Swachh Bharat Cess
23. AGRICULTURE TAXATION
• As per Section 10(1) of the Income Tax Act, 1961, agricultural
income is exempted from taxation. The central government
cannot levy tax on the agricultural income received.
However, agricultural income is considered for rate
purposes while assessing the income tax liability if the
following two conditions are met:
• Net agricultural income is greater than Rs. 5,000/- for
previous year.
• Total income, excluding net agricultural income, surpasses
the basic exemption limit (Rs. 2,50,000 for individuals
below 60 years of age and Rs. 3,00,000 for individuals
above 60 years of age).
24. TAXATION ON AGRICULTURE
What is Agricultural Income ?
• Section 2 (1A) of the Income tax Act,1961
• Agricultural income means :
• Revenue generated through rent or lease of a land in India that is used for
agricultural purposes ; Any income derived from commercial sale of produce
gained from an agricultural land, Any income from farm building.
• Key points to validly classify an income as “agricultural income”
• Income should be from an existent piece of land in India ;
• Income should be from a piece of land that is used for agricultural operations ;
• Income should stem from produce achieved after cultivation of the land.
• Cultivation of land is a must ; Income can be from a land that is not under the
assessee’ ownership. i.e. ownership of Land is not essential.
25. TAXATION ON AGRICULTURE
INCOME
What is not an Agricultural Income ?
Income from sale of grass, tress etc. grown spontaneously
Income from sale of processed produce without carrying out any agricultural
operations.
Income in cases where the produce is subjected to substantial processing which
changes the very nature of the product (for instance, canning of fruits etc).
Income from trees that have been cut and sold as timber
Income from stone quarries
Income from breeding of livestock
Income from dairy farming
Income from poultry farming
Income from brick making
Income from supplying water to agriculturalists
Income derived from letting out of land
Income arising out of transfer of Agricultural land
26. According to the finance ministry, 2,746 entities and individuals declared
agricultural income of above Rs. 1 crore during 2015-16. More than 90% of
the agricultural land is cultivated by marginal farmers who do not file any
Income Tax Returns as their income is exempt from tax.
Hardly 2 % of income tax assessees declare agricultural income and this
miniscule percentage of so-called farmers have declared agricultural
income worth thousands of trillions
The exemption for agricultural incomes is benefiting rich farmers and
agricultural companies, which was not the intended outcome.
Thus a need is felt to amend the definition of ‘agricultural income’ under the
tax laws, and impose an appropriate monetary threshold after careful study
So, as much as Rs.25,000 crores could be collected as agriculture income
tax just by bringing to tax the incomes of the top 4.1% of the total
agricultural households. The amount that would be brought to tax as a
result of plugging the tax loophole, would be in addition to this direct
revenue.
SHOULD AGRICULTURAL INCOME
BE TAXED?