Taxation New
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Taxes have existed since ancient civilizations and serve important government functions. In India, taxation has evolved significantly over time under different ruling powers and eras. Key developments include the introduction of income tax by the British in 1860 and major tax reforms in the 1990s and 2000s that aimed to broaden the tax base and increase revenue collection through measures like introducing capital gains tax and wealth tax as well as implementing a nationwide goods and services tax.
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Returns Under GST
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
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This document provides an overview of the Goods and Services Tax (GST) system that is being implemented in India. Some key points:
- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
- The proposed GST structure has two components - Central GST to be levied by the Centre and State GST to be levied by the states. Standard rates are proposed at 20% for goods and 16% for services.
- GST aims to reduce tax cascading and make India's tax system simpler, more transparent and boost the economy by making exports more competitive.
- There were challenges
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The document discusses the provisions for tax deducted at source (TDS) in India. It provides details on the types of payments that are covered under TDS, including salary, interest, dividends, rent, professional fees, etc. It explains the rate of tax deduction for different payments and the requirements for deductors to obtain a Tax Deduction Account Number (TAN) and file quarterly returns. The purpose of TDS is to collect tax on income at the time it accrues to avoid tax evasion.
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new and old taxation structure of India.
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Tds presentation 14.3.10 pdf
The presentation discusses the key provisions and procedures related to Tax Deducted at Source (TDS) in India. It explains that TDS is a form of advance tax collection where the onus is on the payer to deduct tax and deposit it with the government. It outlines the TDS process flow and key sections related to TDS for salaries, interest, rent, professional fees, and other payments. It provides thresholds limits for deducting TDS and due dates for payment. The presentation emphasizes best practices for TDS compliance to avoid penalties.
GST Input Tax Credit
This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input tax, output tax, and reverse charge. It outlines the conditions for claiming ITC and lists items for which ITC is ineligible. It also discusses proportionate credit, adjustments to ITC, transition provisions for claiming ITC on stock, and the process for claiming ITC on inter-state and intra-state supplies.
GST
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
indian tax system
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
Recommended
Returns Under GST
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
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- GST is a comprehensive indirect tax that will combine multiple state and central taxes into one. It is levied at each stage of production and distribution.
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Tds edited
The document discusses the provisions for tax deducted at source (TDS) in India. It provides details on the types of payments that are covered under TDS, including salary, interest, dividends, rent, professional fees, etc. It explains the rate of tax deduction for different payments and the requirements for deductors to obtain a Tax Deduction Account Number (TAN) and file quarterly returns. The purpose of TDS is to collect tax on income at the time it accrues to avoid tax evasion.
Taxation system of india
taxation, significance of taxation, types of tax.
new and old taxation structure of India.
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The presentation discusses the key provisions and procedures related to Tax Deducted at Source (TDS) in India. It explains that TDS is a form of advance tax collection where the onus is on the payer to deduct tax and deposit it with the government. It outlines the TDS process flow and key sections related to TDS for salaries, interest, rent, professional fees, and other payments. It provides thresholds limits for deducting TDS and due dates for payment. The presentation emphasizes best practices for TDS compliance to avoid penalties.
GST Input Tax Credit
This document provides an overview of input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. It defines key terms related to ITC such as input, capital goods, input tax, output tax, and reverse charge. It outlines the conditions for claiming ITC and lists items for which ITC is ineligible. It also discusses proportionate credit, adjustments to ITC, transition provisions for claiming ITC on stock, and the process for claiming ITC on inter-state and intra-state supplies.
GST
Goods and Services Tax (GST) is an indirect tax that has replaced several indirect taxes in India. It is levied as Central GST (CGST) on intra-state supplies by the central government and as State GST (SGST) on intra-state supplies by state governments. For inter-state supplies, Integrated GST (IGST) is levied by the central government. GST rates vary from 0% to 28% in India, with the standard rates being 5%, 12%, 18% and 28%. The three-tier structure of CGST, SGST and IGST was implemented to help taxpayers take credits across states and ensure a seamless flow of input tax credits.
indian tax system
The document provides an overview of India's tax system. It discusses direct taxes such as income tax, wealth tax, capital gains tax, and corporate tax. It also discusses indirect taxes including service tax, customs duty, excise duty, sales tax, and security transaction tax. It notes that the tax system is complex with defects including limited direct taxation coverage, reliance on indirect taxes, inequitable nature, and uncertainty in tax rates. The document then introduces the proposed Goods and Services Tax (GST) as a comprehensive tax that will replace existing taxes and have benefits such as removing the cascading effect of taxes and providing a more uniform, transparent tax regime.
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Assessment and Audit under GST
Self-assessment, provisional assessment, scrutiny of returns, assessment of non-filers and unregistered persons, and summary assessment are the main types of assessments under the Act. The proper officer may conduct audit of registered persons to verify correctness of returns filed. Special audit can also be ordered if the officer feels value or credit availed requires further verification. Audit report findings can initiate proceedings for recovery of short paid tax or erroneously claimed credits.
Registration under GST
Registration is required under GST for any supplier of goods or services whose aggregate turnover exceeds Rs. 20 lakh. Persons registered under earlier laws will be migrated to GST. Exemptions from registration include agriculturists and those exclusively engaged in exempt supplies. Additional categories requiring compulsory registration include inter-state suppliers and e-commerce operators. Registration involves declaring PAN and other details to obtain a temporary reference number, applying online with documents, and receiving a GSTIN. Amendments and cancellations to registrations are also conducted online. Non-resident taxable persons can obtain temporary registration by submitting passport details.
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Ms. Suchitra Kumari has assisted me in editing these slides
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OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
Report - Indian Tax System
The document provides an overview of India's tax system, which has a three-tiered structure controlled by the central government, state governments, and local bodies. It describes the major direct taxes like income tax, corporate tax, wealth tax, and capital gains tax. It also discusses the major indirect taxes like excise duty, customs duty, service tax, and state taxes like value-added tax. The tax system has undergone reforms in recent decades to simplify laws, rationalize rates, and broaden the tax base to improve compliance and tax administration.
Basic introduction of GST
This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
Project Report on GST 2018
This document is a project report submitted by Pankaj Sharma to fulfill requirements for a Master of Business Administration degree. The report examines customers' perceptions of the Goods and Services Tax (GST) implemented in Hamirpur district, Himachal Pradesh, India. It includes an introduction on GST concepts and background in India. The report consists of chapters on literature review, research methodology used which involved surveys, data analysis and interpretation of results. It finds that GST is generally seen as beneficial in the long run but increased complexity and costs initially for businesses and customers. The report provides recommendations and conclusions on customers' views of GST in the region.
Registration under GST Law
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
Income tax return
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
Gst presentation
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
TDS and TCS under GST
this presentation consists of the information abou TDS ans TCS and their implications under GST. It also includes the differnce between both the terms.
GST- an indirect tax revolution
Introduction of GST, Problem in Previous Tax Structure, Feature and Functions, Tax under and Outside the GST, Types of GST returns, Benefit and Impact of GST on Indian Economy
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This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
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The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
Gst input tax credit ppt
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Understanding the GST
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
GST Power Point Presentation
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
history of the taxation full information on this prject.docx
There are three types of taxes in India - direct, indirect, and GST. Direct taxes include income tax and are paid directly to the government. Indirect taxes include sales tax and are paid through third parties. GST replaced many indirect taxes and aims to simplify taxation. The Indian tax system has evolved over time with influences from pre-colonial, colonial, and post-independence periods. Key developments include the introduction of income tax by the British in 1860 and implementation of GST in 2017.
History of Indian Taxation
The document provides an overview of the direct tax system in India. It discusses how direct taxation has existed in India since ancient times as described in texts like the Manu Smriti and Arthashastra. The modern Indian tax system is based on these ancient principles. The key aspects of direct tax include the Income Tax Act of 1961 which levies tax on income under various heads. Direct taxes are mandatory contributions paid by citizens and used by the government for public benefits like infrastructure and development. The tax system in India has both central and state level components with both levying various direct and indirect taxes.
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Research report on gst
This document is a research report on Goods and Services Tax (GST) submitted by Tara Kumari for her MBA program. The report provides an introduction to GST, including its meaning and purpose. It discusses the history and background of GST in India. The report also outlines the different types of categories under the GST rate and analyzes the impact of GST across various sectors. Key aspects of the proposed GST system such as returns, rates, and benefits are examined.
Assessment and Audit under GST
Self-assessment, provisional assessment, scrutiny of returns, assessment of non-filers and unregistered persons, and summary assessment are the main types of assessments under the Act. The proper officer may conduct audit of registered persons to verify correctness of returns filed. Special audit can also be ordered if the officer feels value or credit availed requires further verification. Audit report findings can initiate proceedings for recovery of short paid tax or erroneously claimed credits.
Registration under GST
Registration is required under GST for any supplier of goods or services whose aggregate turnover exceeds Rs. 20 lakh. Persons registered under earlier laws will be migrated to GST. Exemptions from registration include agriculturists and those exclusively engaged in exempt supplies. Additional categories requiring compulsory registration include inter-state suppliers and e-commerce operators. Registration involves declaring PAN and other details to obtain a temporary reference number, applying online with documents, and receiving a GSTIN. Amendments and cancellations to registrations are also conducted online. Non-resident taxable persons can obtain temporary registration by submitting passport details.
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This document summarizes the taxation of various forms of salary income and perquisites in India under the Income Tax Act of 1961. It discusses the tax treatment of advance salary, arrears salary, bonus, commission and various allowances. It also provides details on the valuation and taxability of rent-free accommodations, interest-free loans, use of moveable assets, medical benefits and other perquisites.
Goods and service tax concept of cgst, sgst and igst by dr. soheli ghose
This Power Point presentation is the latest in the series of GST related slides uploaded by me earlier. This Specifically discusses the Concept of CGST, SGST and IGST. Examples and illustrations have been given to help in understanding.
Ms. Suchitra Kumari has assisted me in editing these slides
Reverse Charge under GST
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
Report - Indian Tax System
The document provides an overview of India's tax system, which has a three-tiered structure controlled by the central government, state governments, and local bodies. It describes the major direct taxes like income tax, corporate tax, wealth tax, and capital gains tax. It also discusses the major indirect taxes like excise duty, customs duty, service tax, and state taxes like value-added tax. The tax system has undergone reforms in recent decades to simplify laws, rationalize rates, and broaden the tax base to improve compliance and tax administration.
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This document provides an overview of the Goods and Services Tax (GST) that was implemented in India in July 2017. It defines GST as a comprehensive indirect tax on the supply of goods and services throughout India. The key highlights include:
- GST is a dual GST model with taxation powers shared between the central and state governments.
- It subsumes multiple taxes into a single tax to reduce the cascading effect of taxes and simplify compliance.
- Tax rates under GST range from 0-28% depending on the type of goods or services.
- Registration and returns involve a unified process with the central and state tax authorities for simplification.
- Implementation challenges include transitioning
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This document is a project report submitted by Pankaj Sharma to fulfill requirements for a Master of Business Administration degree. The report examines customers' perceptions of the Goods and Services Tax (GST) implemented in Hamirpur district, Himachal Pradesh, India. It includes an introduction on GST concepts and background in India. The report consists of chapters on literature review, research methodology used which involved surveys, data analysis and interpretation of results. It finds that GST is generally seen as beneficial in the long run but increased complexity and costs initially for businesses and customers. The report provides recommendations and conclusions on customers' views of GST in the region.
Registration under GST Law
This document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India, including:
1. Registration is required for any supplier whose aggregate turnover exceeds Rs. 20 lakhs or Rs. 10 lakhs in certain states. It authorizes the supplier to collect taxes and claim input tax credits.
2. Suppliers must register in each state where they conduct business operations. The registration process involves filing Form GST REG-01 along with required documents.
3. Other persons required to compulsory register include casual taxable persons, suppliers of online/electronic services, and those liable to pay tax under reverse charge.
Income tax return
- Individuals and companies with total income exceeding the maximum taxable limit must file an income tax return by the due date, which is July 31 for most assessees and September 30/November 30 for some.
- Those holding overseas assets or accounts must also file a return even if income is below the taxable limit. Late or revised returns can be filed within 1 year with penalties for failure to file on time.
- The return must be verified digitally in most cases. It must be signed by the individual, partner, director or other authorized person depending on the entity. Strict documentation and procedures must be followed for e-filing.
Gst presentation
This document provides an overview of the Goods and Services Tax (GST) in India. It discusses the key features of GST, including that it will combine multiple taxes into a single tax on goods and services, provide full tax credits, and follow a multi-rate structure. The document also reviews the journey towards implementing GST in India and compares GST structures in other countries.
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GST- an indirect tax revolution
Introduction of GST, Problem in Previous Tax Structure, Feature and Functions, Tax under and Outside the GST, Types of GST returns, Benefit and Impact of GST on Indian Economy
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This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
Presentation on Returns in GST India (Janardhana Gouda)
Overview of Returns in GST, steps to file returns in GST India, Number of returns in GST, Due date for filing returns in GST India, Late Filing Fee in GST, Procedure to File Returns in GST etc.
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The document provides an overview of goods and services tax (GST) in India. It describes the existing indirect tax structure, including various central and state taxes like VAT, CST, excise duty, and service tax. It explains the problems with the current system, such as cascading effects and compliance burden. GST aims to simplify and harmonize indirect taxation by introducing a single tax on the supply of goods and services throughout India, subsuming multiple taxes. It will follow a dual GST model with taxation powers shared between the central and state governments. The key benefits of GST include removing cascading taxes, improving compliance, and creating a unified national market.
Gst input tax credit ppt
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Understanding the GST
The document provides an overview of the Goods and Services Tax (GST) system in India. Some key points:
- GST is a consumption-based tax levied on the supply of goods and services. It comprises Central GST, State GST, and Integrated GST.
- Many existing taxes at the central and state level will be subsumed under GST including excise duty, VAT, service tax, etc.
- GST will have multiple tax slabs of 0%, 5%, 12%, 18%, 28% and a cess on luxury and 'sin' goods. Composition scheme available for small businesses.
- Input tax credit mechanism allows set-off of taxes paid
GST Power Point Presentation
The document discusses Goods and Services Tax (GST) in India. It provides an overview of the current taxation system and its drawbacks. It describes the proposal for GST, which would combine multiple taxes into a single tax applied to goods and services. Key points include a dual GST model at the central and state levels, common tax base and forms, and input tax credits to reduce cascading effects. Concerns from traders are also summarized.
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Goods and service tax concept of cgst, sgst and igst by dr. soheli ghose
Goods and service tax concept of cgst, sgst and igst by dr. soheli ghose
Tax Deduction or Collection at Source TDS or TCS under GST
Tax Deduction or Collection at Source TDS or TCS under GST
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Presentation on Returns in GST India (Janardhana Gouda)
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history of the taxation full information on this prject.docx
There are three types of taxes in India - direct, indirect, and GST. Direct taxes include income tax and are paid directly to the government. Indirect taxes include sales tax and are paid through third parties. GST replaced many indirect taxes and aims to simplify taxation. The Indian tax system has evolved over time with influences from pre-colonial, colonial, and post-independence periods. Key developments include the introduction of income tax by the British in 1860 and implementation of GST in 2017.
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The document provides an overview of the direct tax system in India. It discusses how direct taxation has existed in India since ancient times as described in texts like the Manu Smriti and Arthashastra. The modern Indian tax system is based on these ancient principles. The key aspects of direct tax include the Income Tax Act of 1961 which levies tax on income under various heads. Direct taxes are mandatory contributions paid by citizens and used by the government for public benefits like infrastructure and development. The tax system in India has both central and state level components with both levying various direct and indirect taxes.
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Taxation in india
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.
UNIT 1: INTRODUCTION TO INCOME TAX
Brief History of Indian Income Tax – Legal Frame Work – Types of Taxes - Cannons of Taxation – Important Definitions: Assessment, Assessment Year, Previous Year (Including Exceptions), Assessee, Person, Income, Casual Income, Gross Total Income, Total Income, Agricultural Income (Including Scheme of Partial Integration – Theory only) – Scheme of Taxation. Meaning and Classification of Capital & Revenue. Income Tax Authorities: Powers & Functions of CBDT, CIT & A.O.
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Dear Viewers, This presentation covered the Income Tax Law & Practice. Mainly this slides focused on Introductory Part.
Enjoy with the learning.
Yours Dr.K.Chellapandian, Asst Prof of Commerce, Vivekananda College, Madurai. Tamil Nadu - 625 234 - India
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Income tax is a mandatory tax imposed by governments on income earned by individuals and businesses. It plays a vital role in funding public services and infrastructure. There are two main types of taxes - direct taxes like income tax that are directly paid by entities and indirect taxes included in the price of goods and services. In India, income tax slabs and rates are determined by the annual union budget and taxpayers must pay income tax according to the slab they fall under based on their income level. Income tax revenue is used by the government to finance activities, fund welfare programs, promote economic growth and development, and reduce income inequality in society.
Tax system
The document provides an overview of Nepal's tax system, including definitions of direct and indirect taxes, objectives of taxation, concepts of income and income tax, history of income tax in Nepal, features of the Income Tax Act of 2058, and details about taxation of companies and individuals. Some key points include: direct taxes are paid directly to the government on income, while indirect taxes can be passed on to consumers; objectives include raising revenue, redistributing wealth, and encouraging national industries; and income tax was first introduced in Nepal in 2017 but the current Income Tax Act of 2058 aims to simplify and modernize the system. Corporate tax rates vary from 20-30% depending on the industry, and individuals are taxed on worldwide income
Income Tax-I Unit-1 Notes.pdf
This document provides an overview of the history and legal framework of income tax in India. Some key points:
- Income tax was first introduced in India in 1860 and the current Income Tax Act came into effect in 1962, replacing previous acts from 1886, 1918 and 1922.
- The legal framework includes the Income Tax Act of 1961, the annual Finance Act, Income Tax Rules framed by CBDT, judicial decisions, and CBDT circulars/notifications.
- Key concepts discussed include the difference between previous year (when income is earned) and assessment year (when income is taxed), definitions of person, assessee, deemed assessee, and assessment.
- Principles of taxation discussed are
A Taxation Dynamics In India Presentation.pdf
Here are a few suggestions for things Jo can do to feel accomplished:
- Set small, achievable goals each day/week and celebrate completing them. Checking tasks off a to-do list can be very satisfying.
- Pursue a hobby or interest in their free time. Learning a new skill or developing talent in an enjoyable activity can boost confidence and fulfillment.
- Volunteer in their community. Helping others through causes they care about allows purpose and social interaction.
- Practice self-care daily like exercising, journaling, meditation. Taking care of their mental and physical well-being lays the foundation for feeling accomplished overall.
- Spend quality time with family/friends. Meaningful relationships are
Fiscal policy of india
This document provides information on the fiscal policy of India. It discusses the different sources of government receipts including tax revenue, non-tax revenue, and capital receipts. It also discusses the different sources of government expenditure including revenue expenditure and capital expenditure. The document then provides details on the income and expenditure profile of the Indian government and state government of West Bengal for the years 2017-2019. It also discusses concepts related to fiscal policy including the budget, taxation, public expenditure, public debt, and types of taxes in India.
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.
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This document discusses the history and organizational structure of income tax administration in India. It outlines key objectives of income taxation such as raising funds for government expenditure, redistributing wealth, and promoting economic growth. It also lists some prominent insurance companies in India and provides details of tax benefits available under various sections of the Income Tax Act for life insurance policies from LIC.
Taxation
India has a multi-level tax system divided between the central, state, and local governments. There is a multiplicity of tax structures with both direct and indirect taxes levied. Indirect taxes make up a larger share of total tax revenue due to the undeveloped economy and income inequality. While tax revenue has increased over time, the tax-to-GDP ratio remains lower than developed countries due to a narrow tax base and complex tax laws. The Goods and Services Tax implemented in 2017 aims to simplify and standardize indirect taxes nationwide.
NMC U1.pdf
Taxes are compulsory payments made by taxpayers to the government to fund public expenditures like defense, education, healthcare. They have been levied in India since ancient times in various forms. The modern Indian tax system originated from laws passed in the 19th century, with the Income Tax Act of 1961 forming the core legislation today. It divides income into various heads and sets tax rates. Amendments are made annually via the Finance Act. The Indian tax structure has three levels - central, state, and local - with the central government empowered to legislate on direct taxes like income tax.
Introduction to Tax
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
Evolution of service tax in india
Service tax was introduced in India in 1994 on three services - telephone, insurance, and stock broking. Since then, the scope of service tax has gradually expanded to cover more services and increased rates. Currently, service tax of 14% plus cess is levied on a wide range of taxable services defined under negative list approach. The tax is levied under the constitutional authority of the central government and shared with states. Over the years, both the number of taxable services and rates of service tax have risen steadily to widen the tax base and boost government revenue from the growing services sector.
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history of the taxation full information on this prject.docx
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Greetings,
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Founder & S.Editor - NewBase Energy
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MS & BS Mechanical Engineering (HON), USAGreetings,
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Taxation New
- 2. Taxes in ancient India are found in Arthashatra the famous work of Kautilya ( also known as Chankya and Vishnugupta) During this regime taxes were levied both in cash and kind and were collected by local officers Major sources of revenue included land tax, octroi, taxes on liquor shops, gambling houses and on professionals like dancing girls. Just as the Sun extracts water from reservoir and gives it back as shower, so does the ruler extracts tax from his subjects and gives it back to them in the form of prosperity : Kalidasa the Sanskrit Scholar PRE-INDEPENDECE TAX SYSTEM IN INDIA
- 3. Taxes during Mughal period (Reign of Emperor Akbar and Aurangzeb) Important sources of revenue included land revenue, import and export duties and Jizya or (Zazia) Rate of Zazia during the rule of Aurangzeb PRE-INDEPENDECE TAX SYSTEM IN INDIA Income Level Per Year Rate of Zazia More than Rs.2500 48 dirhams ( or 13 rupees) Between 50 and 2500 rupees 24 dirhams (or 6.5 rupees) Between 53 and 250 rupees 12 dirhams (or 3.25 rupees) Less than 52 rupees Exempted
- 6. TAX STRUCTURE DEVELOPMENT IN INDIA Taxes within Union Jurisdiction as Enumerated in List I - Central Levy
- 7. TAX STRUCTURE DEVELOPMENT IN INDIA Taxes within State Jurisdiction as Enumerated in List II - State Levy
- 11. TAX STRUCTURE DEVELOPMENT IN INDIA Tax – GDP Ratios suggested by the Twelfth Finance Commission for the Year 2009-10 - As % age of GDP Source : Report of the Twelfth Finance Commission (2005-10 ) Chairman - Dr. C. Rangarajan
- 13. TAX STRUCTURE DEVELOPMENT IN INDIA Direct versus Indirect Taxes : Combined Tax Revenue, Breakdown Direct and Indirect Taxes with Percentage Shares:1950-51 to 2008-09 Source : Rearranged data from Government of India, Ministry of Finance, Indian Public finance Statistics, 2008-09, Table 1.2, calculation of % age on own http://www.finmin.nic.in/reports/index.html