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Corporate taxes (33.99%) Other taxes (2.83%) Excise taxes (20.84%) Customs duties (17.46%) Other taxes (8.68%) other taxes (11.96%) Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined ...
Budget Estimates. The total estimated expenditure for 2009–10 was ₹ 10,20,838 crore, of which ₹ 6,95,689 crore was towards Non Plan and ₹ 3,25,149 crore towards Plan expenditure. Total estimated revenue was ₹ 6,19,842 crore, including revenue receipts of ₹ 6,14,497 and capital receipts of ₹ 5345 crores, excluding borrowings.
The tax is collected by the Income Tax Department for the central government. Farmers - who constitute 70% of the Indian workforce - are generally excluded from paying income tax in India. Income tax returns are due in India generally on 31 July, 30 September or 30 November, depending on the category of taxpayer.
In India states earn revenue through own taxes, central taxes, non-taxes and central grants. [1] For most states, own taxes form the largest part of the total state revenue. [1] Taxes as per the state list includes land revenue, taxes on agricultural income, electricity duty, luxury tax, entertainment tax and stamp duty. [2]
Service tax had been first levied at a rate of five per cent flat from 1 July 1994 till 13 May 2003, at the rate of eight per cent flat w.e.f 1 plus an education cess of 2% thereon w.e.f 10 September 2004 on the services provided by service providers. The rate of service tax was increased to 12% by Finance Act, 2006 w.e.f 18.4.2006. Finance Act ...
Fiscal deficit pegged at 6.9% in 2009-10 as against 7.8% in the previous fiscal. Government's net borrowing to be ₹ 3,45,010 crore for 2010-11. Income-tax department ready with two-page Saral-2 returns form for individual salaried assesses. Personal income-ax rates pruned: Income up to ₹ 1.6 lakh — nil
In India on the other hand there is a slab rate system, where for income below INR 2.5 lakhs per annum the tax is zero percent, for those with their income in the slab rate of INR 2,50,001 to INR 5,00,000 the tax rate is 5%. In this way the rate goes up with each slab, reaching to 30% tax rate for those with income above INR 15,00,000.
Finance Act (India) A Finance Act is the fiscal legislation enacted by the Indian Parliament to give effect to the financial proposals of the Central Government. It is enacted once a year and contains provisions relating to income taxes, customs, excise, Central and Integrated GST and other cess, exemptions, and reliefs.