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The two sources of revenue for the Indian Government are direct Tax and indirect Tax. As the name explains, Direct Taxes are the taxes that are levied directly on the taxpayers. The direct taxes are governed by The Central Board of Direct Taxes (CBDT). The payment of direct taxes is done directly to the government by the taxpayers.
About Direct Tax
Let us take a look at the different types of direct Taxes in India
This tax is levied depending upon the age, earnings of an individual. The tax is levied on the basis of slabs defined by the government under the Income Tax Act,1961. The Government imposes penalties if the tax is not paid by individuals. The taxpayers file ITR with the government yearly. The Government also provides refunds to taxpayers.
Capital Gains Tax:
It is the tax that is paid on income from the sale of assets or investments. The capital gains are either short term capital gains or long term capital gains. If any asset or investment is sold before thirty-six months from the purchase of an asset, it is called short term capital gain. If an asset is sold after thirty-six months the gain is called long term capital gain.
It is the tax paid on the wealth of an individual or a HUF and a company in the form of a surcharge. The major factor for consideration for this tax is the residential status. The residents of the country have to pay this tax on their global assets and the NRI’s pay the tax on their assets in India.
Also Read: What types of incomes are taxable in India?
Domestic companies have to pay Corporate Tax. Foreign companies who make assets in India also have to pay Corporate Taxes.
The taxes given below are included in Corporate Tax.
Securities Transaction Tax
This tax is paid on any income that is earned on any transaction done on the stock exchange.
Dividend Distribution Tax
In the case of dividend payments by companies, the dividend distribution tax is levied on such transactions. For the dividends of foreign companies, dividend distribution tax is not levied.
Fringe Benefits Tax
For any fringe benefits provided by companies, tax is levied.
Minimum Alternate Tax
For companies with zero tax, the minimum alternate tax is levied.
Also Read: How Is Corporate Tax Calculated?
This is a local tax levied by the State Government on the owners of immovable property such as buildings and houses for the maintenance of the houses in specific areas. This is imposed by the Municipal Corporations. This is generally levied at the rate which is area-based.
Corporations or Organizations have to pay direct tax to the Government if they are incorporated in India or have their operations in India. This is a tax that companies pay on the income they earn. This is also called a surcharge.
This is one of the most important and prominent taxes in India that an individual has to pay. The annual financial Budget will give an estimate as to how much tax is to be paid in the respective financial year.
Super senior citizen
31st July 2022
31st October 2022
Businesses (Requiring TP Report)
31st November 2022
There are two types of income for any individual that are revenue receipts and capital receipts. All revenue receipts are taxable unless otherwise they are exempted by the Income Tax Act,1961. All capital receipts are exempted unless otherwise taxable as per the Income Tax Act,1961.
It is the advance tax to be paid on the estimated income of the year. It is not a separate tax but a part of the Income Tax which is paid yearly. This tax is paid on the estimated income but the actual tax is paid after the income is earned in the year.
If your Tax Deducted at Source (TDS) exceeds the total tax payable including the interest income, salary etc. you can claim a refund. If your advance tax paid is greater than the actual tax liability then you can claim an income tax refund. In case of any miscalculation of the tax liability on your part while filing the taxes, then a refund can be claimed.
The Government wants to establish a more equitable and effective system of Direct Taxes and thus they plan to introduce the Direct Tax Code. This aims to reduce the unjust burden on the taxpayers and make the system more transparent and efficient. This will also improve the voluntary filing of taxes and thus increase the GDP ratio of the country.
1. How to pay Direct Taxes in India?
The Income Tax which is one of the most prominent direct taxes is paid by self furnishing the returns on the website.
2. What is TDS?
TDS is Tax Deducted At Source which is deducted before you receive your payment by the employer.
3. What are the investments to save Income Tax?
Investments can be done Under Section 80C, 80CCD and 80D for saving Income Tax by individuals in any Assessment Year.
4. What is an assessment year for Income Tax?
An assessment year is the period of 12 months starting from 1st April to 31st March.
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