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Taxes

Taxes. By-Binny Bhogal Rawat HLCPE. What is Tax?. Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state. How many Types of Taxes are there and what are they?. 1.Direct Taxes, 2.Indirect Taxes

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Taxes

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  1. Taxes By-Binny Bhogal Rawat HLCPE

  2. What is Tax? • Tax is imposition financial charge or other levy upon a taxpayer by a state or other the functional equivalent of the state.

  3. How many Types of Taxes are there and what are they? • 1.Direct Taxes, 2.Indirect Taxes • The Taxes whose burden falls directly on the Tax payers are the Direct Taxes like Income Tax, Wealth Tax etc., • The taxes in which the burden is passed on to a third party are called Indirect Taxes like Service Tax, VAT etc.,

  4. What is Income Tax? • An income tax is a tax levied on the financial income of persons, corporations, or other legal entities.

  5. Who has to pay Income Tax? • A Person, corporations or other legal entities, whose earned Income in India, exceeds a prescribed limit has to pay tax

  6. What is the meaning of Previous Year and Assessment Year? • Previous Year is the Financial Year ending on 31st March every year. Assessment Year is the period of 12 Months commencing on the 1st day of April immediately after the Previous Year. For e.g. For Previous Year/Financial year ending 31.03.20012, the Assessment Year is 20012-13

  7. What are the various heads of Taxable Income? • a. Income from Salary • b. Income from House Property • c. Income from profits and gains of Business or Profession • d. Income from Capital gains • e. Income from Other sources.

  8. These two broad categories are governed by two central bodies under Ministry of Finance: 1. Central Board of Direct Taxes (CBDT) and 2. Central Board of Excise and Customs (CBEC)

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