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TAXATION
- AN OVERVIEW
P KRISHNA SREE HARSHAFinance club – VittadeeshWoxsen School of [email protected]
TAX AND ITS IMPORTANCE
The levying of tax
Source of Income
Surcharge
Is tax causing Inflation
Tax evasion
Tax evading
Tax heavens
DIFFERENT KINDS OF TAXES
KINDS OF TAXES DIRECT INDIRECT
A tax that is paid directly by an individual or organization to the imposing entity
Taxes are those paid by consumers when they buy goods and services. The tax burden is shifted to consumers here by increasing the price of tax
IMPORTANT TAXES
Wealth tax Income tax Service tax Customs duty Excise duty Vat International tax
WEALTH TAX
(Contd…)Valuation and calculation of wealth tax
Service Tax
Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers.
CBEC (Central Board of Excise and Customs)
Rate of service tax ---- 14%
Cess
Effective rate of service tax
It is levied only on services
Excise duty
An inland tax on the sale
production for sale
of specific goods or a tax on a
good produced for sale, or sold
within a country
Customs duty
tariff or tax on
the importation exportation of goods
Commercial goods not yet cleared
through customs
are held in accustoms area,
often called a bonded store,
until processed
VALUE ADDED TAX
A type of consumption tax
that is placed on a product
whenever value is added at a stage of production and at final sale
Value-added tax (VAT) is most often used in the European Union
It is levied only on goods
INCOME TAX
Income tax
Circulars
Notifications
Judicial decisions
Annual Finance act
Incorporation of amendments
INCOME TAX(Contnd…)
Reference from the material by TAX BY KK
INCOME TAX(Contnd….)
Reference from the material by TAX BY KK
INCOME TAX(Contnd….)
Reference from the material by TAX BY KK
INCOME TAX (Contnd….)
Reference from the material by TAX BY KK
THEN WHY LEARNING TAX
TO UNDERSTAND THINGS END OF THE DAY KNOWLEDGE ENTITY CONNECTING THE DOTS
