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How can I learn about taxes in India?

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How can I learn about taxes in India?

Taxes levied by the Government are of two types- Direct taxes and Indirect taxes….Income Tax Slabs & Rates 2016-17.

Income Tax Slabs Income Tax Rates
Taxable income less than Rs. 2.5 lakhs Not applicable
Taxable income greater than Rs.2.5 lakhs but less than Rs.5 lakhs 10\% of the amount exceeding Rs.2.5 lakhs

Which book is best for BCOM income tax?

S.P. Goyal) 62nd Edition of Income Tax Law & Practice Assessment Year 2021-22 Book Largest Selling Book since 1964 and over the last 57 years of its existence, the book has established a reputation for itself as the most definitive work on the subject of income tax.

What type 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 .

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How do I learn tax laws?

Tips for Understanding the Tax Code

  1. The Internal Revenue Code.
  2. Consult IRS Publications.
  3. Make a Phone Call to the IRS.
  4. Consult Texts for Tax Professionals.
  5. Hire a Tax Professional.
  6. Seek Volunteer Income Assistance.
  7. Consult Texts for Consumers.
  8. The Bottom Line.

What is taxation system?

Taxation is the means by which a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to goods and services tax (GST), taxation applies to all levels.

What are the problems of Indian tax system?

Tax evasion seems to be the primary reason. Another reason is the high exemption limit in a country where per capita income is very low. In India, the exemption limit has been raised from time to time, but the levels of national and per capita incomes have failed to increase proportionately.

Which book is best for BCom students?

Business organization and management Kuchhal and Vivek Kuchhal is the best book for B.com students who want good marks in business law.

Which books are best for BCom 1st year?

Best Books for B.Com 1st Year

  • Business Organization and Management (B.Com – Ist Year): B.Com 1st Year by Neeru Vasishth.
  • Business Economics with Lab Work B.Com 1st year (AP) by Surender V., Sastry J.
  • Principles of Accountancy B.Com 1st yr.
  • Business Law B.Com 1st year (Regular) 2nd Sem.
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What are the main features of Indian tax system?

India’s tax structure exhibits the following characteristics:

  • Heavily-Biased towards Tax Revenue: First, tax revenue is the predominant source of revenue of the Union Government.
  • Rising Tax-GDP Ratio:
  • Predominance of Indirect Taxes:
  • Corporate Tax, the Largest Direct Tax:
  • Defects of the Tax Structure:

What are the 3 types of taxes?

Tax systems in the U.S. fall into three main categories: Regressive, proportional, and progressive. Two of these systems impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.

How can I study tax?

How to study Taxation | CA Intermediate | CA Final – 5 Steps

  1. Step 1: Divide the subject into sub-topics and allocate time to each sub-topic.
  2. Step 2: Begin with Direct Taxes –When you begin to study CA Intermediate Taxation, cover the basic five heads of income as the subject is vast.
  3. Step 3: Move to Indirect Taxes.

How can I become an enrolled agent in India?

To pursue the dream of becoming an EA, a candidate must obtain PTIN passing scores on all three parts of the Special Enrollment Examination (Individuals, Businesses and Representation, Practices, and Procedures), which unfolds a significant area of Internal Revenue Code. There’ s no definite pattern.

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Is the Indian taxation structure an ideal taxation structure?

Indian taxation structure has gone through many reforms and still it is very far ahead from being a ideal taxation structure. Many problems like Tax Evasion, Reliance on indirect taxes, Black money, existence of parallel economy show that Indian taxation system requires some major reforms in the future ahead to address all this problems.

What are the problems faced by the Indian taxation system?

Many problems like Tax Evasion, Reliance on indirect taxes, Black money, existence of parallel economy show that Indian taxation system requires some major reforms in the future ahead to address all this problems. In the following paper, the study is purely based on secondary data.

What is the taxation system in India?

The taxation system in India is such that the taxes are levied by the Central Government and the State Governments. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments.

What is the tax policy in India for investment?

Tax policy in India provides tax holidays in the form of concessions for various types of investments. These include incentives to priority sectors and to industries located in special area/ regions. Tax incentives are availabl e also for those engaged in development of inf rastructure.