Taxation session woxsen school of business
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This document provides an overview of taxation and different types of taxes. It discusses direct and indirect taxes. Direct taxes are paid directly to the imposing entity, while indirect taxes are paid by consumers when buying goods and services through increased prices. Some key taxes mentioned include wealth tax, income tax, service tax, customs duty, excise duty, VAT, and international tax. The document explains these different taxes in more detail and provides references to additional tax materials. It emphasizes learning about taxation to gain knowledge and understand how things connect.
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Taxation session woxsen school of business
- 1. TAXATION - AN OVERVIEW P KRISHNA SREE HARSHA Finance club – Vittadeesh Woxsen School of Business Sreeharsha.pedamallu@pgdm.woxsen.edu.in
- 2. TAX AND ITS IMPORTANCE The levying of tax Source of Income Surcharge Is tax causing Inflation Tax evasion Tax evading Tax heavens
- 3. DIFFERENT KINDS OF TAXES KINDS OF TAXES DIRECT INDIRECT A tax that is paid directly by an individual or organization to the imposing entity Taxes are those paid by consumers when they buy goods and services. The tax burden is shifted to consumers here by increasing the price of tax
- 4. IMPORTANT TAXES Wealth tax Income tax Service tax Customs duty Excise duty Vat International tax
- 5. WEALTH TAX
- 6. (Contd…) Valuation and calculation of wealth tax
- 7. Service Tax Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers. CBEC (Central Board of Excise and Customs) Rate of service tax ---- 14% Cess Effective rate of service tax It is levied only on services
- 8. Excise duty An inland tax on the sale production for sale of specific goods or a tax on a good produced for sale, or sold within a country Customs duty tariff or tax on the importation exportation of goods Commercial goods not yet cleared through customs are held in accustoms area, often called a bonded store, until processed
- 9. VALUE ADDED TAX A type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale Value-added tax (VAT) is most often used in the European Union It is levied only on goods
- 10. INCOME TAX Income tax Circulars Notifications Judicial decisions Annual Finance act Incorporation of amendments
- 11. INCOME TAX(Contnd…) Reference from the material by TAX BY KK
- 12. INCOME TAX(Contnd….) Reference from the material by TAX BY KK
- 14. INCOME TAX(Contnd….) Reference from the material by TAX BY KK
- 15. INCOME TAX(Contnd….) Reference from the material by TAX BY KK
- 16. THEN WHY LEARNING TAX TO UNDERSTAND THINGS END OF THE DAY KNOWLEDGE ENTITY CONNECTING THE DOTS