Income Tax, Filing Returns, Wealth Tax!! Do these conditions appear undecipherable to you? Relax!! This segment provides you through positive facts on all forms of straight and indirect taxation related in the Country. Surf during it for particular yet comprehensive information on the different heads of taxation supplemented by value adding links and downloadable forms. Targeted at helping the citizen confused with bureaucratic jargon and alien terms, this section effort to help you manage your money better!
The following is a short description of some of the taxes that are levied in India by the government:
Income Tax:
The Income Tax Act of 1961 stipulates that any individual who qualify as an assesses and whose gross income is more than the exemption limit is essential to pay Income Tax in accordance with the rates indicated by the Finance Act.
Corporate Tax:
India Corporate Tax is the tax charged on the profits earned by relations and companies by numerous jurisdictions. The rate of Corporate Tax in India depends on whether the profits have been accepted on to the shareholders or not.
Value Added Tax:
This is the duty that manufacturer requirements to pay even as purchasing raw materials and a trader require to pay even as purchasing goods. VAT is finally expected to replace Sales Tax. All goods and services provided by business individuals and companies come under the ambit of VAT.
Capital Gains Tax:
A Capital Gain can be defined as any income generate by selling a capital investment (business stocks, paintings, houses, family business, farmhouse, etc.). The 'gain' here is the difference among the price initially paid for the investment and money established upon selling it, and is taxable.
Service Tax:
Since per the Finance Act of 1994, all service supplier in India, except those in the state of Jammu and Kashmir, are essential to pay a Service Tax in India.
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