Q&A

What kind of tax system is found in India?

What kind of tax system is found in India?

What kind of tax system is found in India? Explanation: There are three rates of income tax are applicable in India i.e. 5\%, 10\%, 20\% and 30\% which is progressive in nature initially but later on it becomes Proportional which is called degressive rate .

How many types of taxes are there in India?

There are mainly two types of Taxes, direct tax and indirect tax which are governed by two different boards, Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC). Let’s discuss the two types of taxes in detail.

Which state pays highest tax in India?

The top state with the highest number of Income Tax filers in the country was Maharashtra, followed by Gujarath, Uttar Pradesh, Tamil Nadu and West Bengal occupying the top five places….State-wise Income Tax Filers.

MAHARASHTRA 10686533
GUJARAT 6604451
UTTAR PRADESH 6072493
TAMILNADU 4537303
WEST BENGAL 4229356
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Is the tax system good in India?

Share : Taxes are an important and largest source of income for the government. The government uses the money collected from taxes for various projects for the development of the nation. The Indian tax system is well structured and has a three-tier federal structure.

What is the system of taxation in India?

Taxation System in India. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc.

How can I learn income tax filing in a month?

You can’t learn income tax filing in a day or a month. It is not merely filling up the blanks in the ITR and submitting it. You need to know the income tax law, the computation methods and then apply that knowledge in filing the returns. That’s what we do when we go through the chartered accountancy course.

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How can the Indian tax structure be improved?

Considering the shortcomings of Indian tax structure, following measures may be suggested for its improvement: 1. Predominance of indirect taxes should be streamlined and higher reliance should be given on direct taxes. 2.

Who invented the modern tax system in India?

As proposed by these manuscripts, the taxes paid by farmers and artisans in that era would be in the form of agricultural produce, silver or gold. Based on these texts, the foundation of the modern tax system in India was conceptualised by the Sir James Wilson during the British rule in India in the year, 1860.