educratsweb@mail.com

+91

📂 Register 🔒 Login
TYPES OF TAXES IN INDIA #EDUCRATSWEB

TYPES OF TAXES IN INDIA

TYPES OF TAXES IN INDIA

 I. DIRECT TAXES :-
These types of taxes are directly imposed & paid to Government of India. There has been a steady rise in the net Direct Tax collections in India over the years, which is healthy signal. Direct taxes, which are imposed by the Government of India, are:
 (1) Income Tax :-
Income tax, this tax is mostly known to everyone. Every individual whose total income exceeds taxable limit has to pay income tax based on prevailing rates applicable time to time.
 (2) Capital Gains Tax :-
Capital Gain tax as name suggests it is tax on gain in capital. If you sale property, shares, bonds & precious material etc. and earn profit on it within predefined time frame you are supposed to pay capital gain tax. The capital gain is the difference between the money received from selling the asset and the price paid for it.
 (3) Securities Transaction Tax :-
A lot of people do not declare their profit and avoid paying capital gain tax, as government can only tax those profits, which have been declared by people. To fight with this situation Government has introduced STT (Securities Transaction Tax ) which is applicable on every transaction done at stock exchange. That means if you buy or sell equity shares, derivative instruments, equity oriented Mutual Funds this tax is applicable.
 (4) Perquisite Tax :-
Earlier to Perquisite Tax we had tax called FBT (Fringe Benefit Tax) which was abolished in 2009, this tax is on benefit given by employer to employee. E.g If your company provides you non-monetary benefits like car with driver, club membership, ESOP etc. All this benefit is taxable under perquisite Tax.
 (5) Corporate Tax :-
Corporate Taxes are annual taxes payable on the income of a corporate operating in India. For the purpose of taxation companies in India are broadly classified into domestic companies and foreign companies.
 II. INDIRECT TAXES :-
 (6) Sales Tax :-
Sales tax charged on the sales of movable goods. Sale tax on Inter State sale is charged by Union Government, while sales tax on intra-State sale (sale within State) (now termed as VAT) is charged by State Government.
 (7) Service Tax :- 
Most of the paid services you take you have to pay service tax on those services. This tax is called service tax. Over the past few years, service tax been expanded to cover new services.
 (8) Value Added Tax :-
The Sales Tax is the most important source of revenue of the state governments; every state has their respective Sales Tax Act. The tax rates are also different for respective states.
 (9) Custom duty & Octroi (On Goods) :-
Custom Duty is a type of indirect tax charged on goods imported into India. One has to pay this duty , on goods that are imported from a foreign country into India. This duty is often payable at the port of entry (like the airport). This duty rate varies based on nature of items.
 (10) Excise Duty :-
An excise or excise duty is a type of tax charged on goods produced within the country. This is opposite to custom duty which is charged on bringing goods from outside of country. Another name of this tax is CENVAT (Central Value Added Tax).
 (11) Anti Dumping Duty :-
Dumping is said to occur when the goods are exported by a country to another country at a price lower than its normal value. This is an unfair trade practice which can have a distortive effect on international trade. In order to rectify this situation Central Govt. imposes an anti dumping duty not exceeding the margin of dumping in relation to such goods.
 III. OTHER TAXES :-
 (12) Professional Tax :-
If you are earning professional you need to pay professional tax. Professional tax is imposed by respective Municipal Corporations. Most of the States in India charge this tax.
 (13) Dividend distribution Tax :-
Dividend distribution tax is the tax imposed by the Indian Government on companies according to the dividend paid to a company’s investors. Dividend amount to investor is tax free. At present dividend distribution tax is 15%.
 (14) Municipal Tax :-
Municipal Corporation in every city imposed tax in terms of property tax. Owner of every property has to pay this tax. This tax rate varies in every city.
 (15) Entertainment Tax :-
Tax is also applicable on Entertainment; this tax is imposed by state government on every financial transaction that is related to entertainment such as movie tickets, major commercial shows exhibition, broadcasting service, DTH service and cable service.
 (16) Stamp Duty, Registration Fees, Transfer Tax :- If you decide to purchase property than in addition to cost paid to seller. You must consider additional cost to transfer that property on your name.
 (17) Education Cess , Surcharge :-
Education cess is deducted and used for Education of poor people in INDIA. All taxes in India are subject to an education cess, which is 3% of the total tax payable. The education cess is mainly applicable on Income tax, excise duty and service tax.
 (18) Gift Tax :-
If you receive gift from someone it is clubbed with your income and you need to pay tax on it. This tax is called as gift tax.
 (19) Wealth Tax :-
Wealth tax is a direct tax, which is charged on the net wealth of the assessee. Wealth tax is chargeable in respect of Net wealth corresponding to Valuation date.Net wealth means all assets less loans taken to acquire those assets. Wealth tax is 1% on net wealth exceeding 30 Lakhs (Rs 3,000,000). So if you have more money, assets you are liable to pay tax.
 (20) Toll Tax :-
At some of places you need to pay tax in order to use infrastructure (road, bridge etc.) build from your money given to government as Tax. This tax is called as toll tax. This tax amount is very small amount but, to be paid for maintenance work and good up keeping.

if you have any information regarding Job, Study Material or any other information related to career. you can Post your article on our website. Click here to Register & Share your contents.
For Advertisment or any query email us at educratsweb@gmail.com

RELATED POST

1. Indian Railway operates 366 Shramik Special trains till 10th May, 2020 (1500 hrs) across the country
Indian Railway operates 366 Shramik Special trains till 10th May, 2020 (1500 hrs) across the country Passengers are being given free meals and water Trains being run by Railways only after concurrence is given both by the State which is sending the passengers and the State which is receiving them Social distancing being observed Around 1200 passengers travel in each of these “Shramik Special” trains   Subsequent to the Ministry of Home Aff
2. Important Days in India
Important Days in India JANUARY January 1– Army Medical Corps Establishment Day, Global Family Day January 9– NRI Day / Pravasi Bhartiya Divas  January 11– Death Anniversary of Lal Bahadur Shastri January 12– National Youth Day (Birth Day of Swami Vivekanand) January 15– Army Day January 23– Netaji Subhash Chandra Bose's Birth Anniversary January 24– National G
3. Chhattisgarh Objective General Knowledge Questions
Chhattisgarh Objective General Knowledge Questions 1. Who of the following was the first elected member of Chhattisgarh elected from the constituency of municipal councils of Nagpur and Chhattisgarh in the Legislative Assembly of the Central Provinces in 1913 ?  (A) Shivdas Daga (B) Mahant Laxminarayandas (C) NathmalMunim (D) Shivprasad (Ans : C) 2. What is Kusiyaar in Chhattisgarhi ?  (A) Paddy (B) Banana (C) Cocon
4. Indian Economy Practice Questions for All Competitive Exams
Indian Economy Practice Questions for All Competitive Exams 1.    Which of the following factor forms the invisible account of the Balance of Payments of a country? (a)    International trade in services. (b)    Income associated with non resident assets and liabilities. (c)    Remittance of worker income. (d)    All the above. Answer: (
5. Indian National Movement Date Wise Snippets
Indian National Movement Date Wise Snippets 1885 Indian National Congress was formed. 1905 Partition of Bengal by Curzon.
6. TYPES OF TAXES IN INDIA
TYPES OF TAXES IN INDIA TYPES OF TAXES IN INDIA  I. DIRECT TAXES :- These types of taxes are directly imposed & paid to Government of India. There has been a steady rise in the net Direct Tax collections in
7. List of State Birds of India
List of State Birds of India State Common name Binomial nomenclature Andhra Pradesh Indian roller
8. Indian States General Knowledge Questions
Indian States General Knowledge Questions 1. In which state has India's largest private sector sea port been commissioned recently —Andhra Pradesh  2. Which Indian State has the minimum total forest cover —Haryana  3. If you wish to visit Golconda Fort, you will have to go to which state —Karnataka 4. Which state produces maximum Soya bean —Madhya Pr
9. History of Indian Postal System
History of Indian Postal System Year — Work 1766 — Establishment of first Indian Postal system by Lord Clive in India. 1774 — Establishment of first G.P.O. in Kolkata by Warren Hastings. 1786 — Establishment of Madras G.P.O. 1793 — Establishment of G.P.O. at Mumbai 1854 — On Oct
10. List of World Heritage Sites in India
List of World Heritage Sites in India Cultural ● Agra Fort (1983) ● Ajanta Caves (1983) ● Buddhist Monuments at Sanchi (1989) ● Champaner-Pavagadh Archaeological Park (2004) ● Chhatrapati Shivaji Terminus (formerly Victoria Terminus) (2004) ● Churches and Convents of Goa (1986) ● Elephanta Caves (1987) ● Ellora Caves (1983) ● Fatehpur Sikri (1986) ● Great Living Chola T
11. Objective Questions on Indian Penal Code 1860
Objective Questions on Indian Penal Code 1860 1. Which one of the following is not essential for an offence?  (A) Intention (B) Motive (C) Prohibited act (D) Punishment for act (Ans : B) 2. In which of the following mens rea has been considered to be an essential element of an offence?  (A) Srinivasmal Barolia Vs. Emperor (B) R. Vs. Tolsen  (C) Nathulal Vs. State of Madhya Pradesh (D) All of the above (
12. KARNATAKA CIRCLE PA /SA EXAM GENERAL AWARENESS SOLVED PAPER (EXAM HELD ON 27/04/2014)
KARNATAKA CIRCLE PA /SA EXAM GENERAL AWARENESS SOLVED PAPER (EXAM HELD ON 27/04/2014) 1) Bleeding of gums and loosening of teeth is caused due to deficiency of: Ans.: Vitamin C   2) Which of the following is not present in blood? Ans:   Placenta   3) A stick immersed in water appears bent due to the phenomenon of: Ans:  Refraction of light  
13. List of Ministers of India 2021
List of Ministers of India 2021 The Council of Ministers consists of four categories of ministers: 1. Cabinet Minister 2. Minister of State (independent charge) 3. Minister of state and 4. Deputy Minister List of Cabinet Ministers of India 2021 S.N. Name M
14. INDIAN POLITY PRACTICE QUESTIONS
INDIAN POLITY PRACTICE QUESTIONS 1. The system of government in India established by the constitution: 1. Parliamentary 2. Federal 3. Quasi federal a) 1, 2, 3 b) 1, 2 c) 1 Only d) None 2. Which one of the following is/are feature/s NOT common to both the Indian Federation and the American Federation? 1. A single citizenship 2. Three lists in the Constitution 3. Dual judiciary 4. A fede
15. INDIAN STATES AND IMPORTANT FESTIVALS
INDIAN STATES AND IMPORTANT FESTIVALS Goa Zatra at Cansaulim Feast of St. Francis Xavier Carnival Feast of Immaculate Conception, Goa Liberation Day. Himachal Pradesh Minjar Mela Jwalamukhi Fair Losar, Himachal Day Rakhadumni: Rakhi Karnataka Mak
16. List of Central Universities in India
List of Central Universities in India Andhra Pradesh ● English & Foreign Languages University, Hyderabad  : www..efluniversity.ac.in ● Maulana Azad National Urdu University, Hyderabad : www..manuu.ac.in ● University of Hyderabad, Hyderabad : www..uohyd.ac.in Arunachal Pradesh ● Rajiv Gandhi University, Itanagar : www..rgu.ac.in Assam ●
17. RRB EXAM GENERAL KNOWLEDGE SOLVED PAPER
RRB EXAM GENERAL KNOWLEDGE SOLVED PAPER 1. When was the first underground railway (Metro Railway) started? (A) 1982 (B) 1989 (C) 1984 (D) 1992 (Ans : C) 2. Shatabdi Express train was started in– (A) 1984 (B) 1988 (C) 1990 (D) 1985 (Ans : B) 3. At which of the following places Diesel Component Works is established? (A) Jamshedpur (B) Patiala (C) Perambur (D) Varanasi (A
18. Employees State Insurance Corporation Upper Division Clerks Exam 2012 General Knowledge Solved Paper
Employees State Insurance Corporation Upper Division Clerks Exam 2012 General Knowledge Solved Paper 1. The expression “Tryst with Destiny” was first used by Pandit Jawaharlal Nehru on the occasion of–  (A) Dandi March (B) August 14/15 night  (C) Quit India Movement (D) None of these (Ans : B) 2. Alpha-Keratin is a protein present in–  (A) Wool (B) Eggs  (C) Blood (D)
19. Index Numbers of Wholesale Price in India (Base: 2011-12=100) Review for the month of March,2020
The official Wholesale Price Index for 'All Commodities' (Base: 2011-12=100) for the month of March,2020 declined by 0.90% to 121.1 (provisional) from 122.2 (provisional) for the previous month. INFLATION The annual rate of inflation, based on monthly WPI, stood at 1.00% (provisional) for the month of March,2020 (over March,2019) as compared to 2.26% (provisional) for the previous month and 3.10% during the corresponding month of the previous year. Build up in
20. What are grade pay, basic pay, pay scale, allowances, DA, HRA, perks in salary system in India?
What are grade pay, basic pay, pay scale, allowances, DA, HRA, perks in salary system in India? Grade Pay :  Government employees receive grade pay which depends on the category/class of employee. Actually grade pay depends on the seniority and the position of the employee in the government. Basic Pay :- This is the core of salary, and many other components may be calculated based on this amount. It usually depends on one’s
21. List of Chief Election Commissioners of India Since 1950 to 2019
List of Chief Election Commissioners of India Since 1950 to 2020 1. Sukumar Sen : 21 March, 1950 to 19 December, 1958 2. K. V. K. Sundaram : 20 December, 1958 to 30 September, 1967 3. S. P. Sen Verma : 1 October, 1967 to 30 September, 1972 4. Nagendra Singh : 1 October, 1972 to 6 February, 1973 5. T. Swaminathan : 
22. List of news channels in India
List of news channels in India Hindi news channels A1 TV channel Aaj Tak ABP News A
23. FIRST IN INDIA
FIRST IN INDIA ● British Governor-General : Warren Hastings ● British Governor-General of Independent India : Lord Mountbatten ● Justice of India : Hiralal J. Kania ● Comander-in-Chief of Free India : General K. M. Cariappa ● Chief of Air Staff : Air Marshal Sir Thomas Elmhirst ● Indian Air Chief : Air Marshal S. Mukherjee ● Chief of Army Staff : General M. Rajendra Singh ● Chief of Naval Staff : Vice-Admiral R.
24. U.P. PCS Lower Subordinate Services (Pre.) Exam General Studies Solved Paper (Exam Held on 26-9-2010)
U.P. PCS Lower Subordinate Services (Pre.) Exam General Studies Solved Paper (Exam Held on 26-9-2010) 1. The Thermometer suitable to measure 2000°C temperature is— (A) total radiation thermometer (B) gas thermometer (C) mercury thermometer (D) vapour pressure thermometer Ans : (A) 2. The gas used for artificial ripening of green fruit is— (A) ethane (B) ethylene (C) carbon dioxide (D
25. Insurance Related General Knowledge Practice Questions
Insurance Related General Knowledge Practice Questions 1. National Agricultural Insurance Scheme replace Comprehensive Crop Insurance Scheme was introduced in the year–  (A) 1997  (B) 1998  (C) 1999  (D) 2000  (Ans : c) 2. Earlier it was thought safe to allow each financial institution to carry out only one type of finance service. But now Banks are selling
We would love to hear your thoughts, concerns or problems with anything so we can improve our website educratsweb.com ! email us at educratsweb@gmail.com and submit your valuable feedback.
Save this page as PDF | Recommend to your Friends

Subscribe to our Telegram channel https://t.me/educratswebchannel | TYPES OF TAXES IN INDIA #EDUCRATSWEB educratsweb.com General Awareness 2020-04-11

https://bhojpuri-actor-actress.blogspot.com/ | https://sarkariniyukti.blogspot.com/ | https://educratsweb.blogspot.com/ | https://bhaktisangam.blogspot.com/ | https://bharatpagesblog.blogspot.com/ | https://bcspatna.blogspot.com/ | https://bizinfozones.blogspot.com/ | https://cityzoneeducation.blogspot.com/ | https://consptech.blogspot.com/ | https://saralmaterials.blogspot.com/ | https://ekbihar.blogspot.com/ | https://indiahealthplus.blogspot.com/ | https://gktalk.blogspot.com/ | https://gunjanphoto.blogspot.com/ | https://mahuli-patna.blogspot.com/ | https://modicareblog.blogspot.com/ | https://biharnalanda.blogspot.com/ | https://parsapatna.blogspot.com/ | https://prakashparv.blogspot.com/ | https://chitraguptajimaharaj.blogspot.com/ | https://shrishirdisaibabasansthan.blogspot.com/ | https://speakdoor.blogspot.com/ | https://supremedealin.blogspot.com/ | https://supremedealblog.blogspot.com/