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Different Types of Taxes in India. Know Total Taxes Payable in 2013

Different Types of Taxes in India. Know Total Taxes Payable in 2013

Know Various Types of Direct and Indirect Taxes required to be paid from Service Tax, VAT, Wealth, Income, Property, Entertainment, Toll, Professional Tax


Taxes to be Paid by Individual

In India, there are multiple types of taxes required to be paid by individual - starts from day morning to pay toll tax (like Delhi- Gurgaon), eats food in restaurant pays service tax and even service charge. Buys a product - pays VAT . Goes for a movie - pays entertainment tax. At the end of month gets salary - pay income tax and cess, where think of buying property or motor has to pay registration on motor and stamp and registration on home and goes on.........

Below are list of taxes an individual is required to pay

Direct Taxes on Income

- Income Tax - Tax on Income basis various slabs in Fiscal Union Budget

- Additional Cess - Education Cess @ 3% on Tax Amount

- Wealth Tax - 1% for wealth exceeding 30 Lakh

- TDS - TDS is applicable @ 10.3% on any commissions, brokerage and is generally deducted by the party issuing commissions

 

Other Taxes

- Excise Duty - Payable by Manufacturing Sector in India on goods produced. Slabs

- Service Tax @ 12.36% - All kinds of services come under Service Tax

- VAT (Sales Tax) - VAT - Value Added Tax is a replacement of Sales Tax in India and is in force for over 8 yrs now.

- CENVAT - Taxes applicable and paid to central government

- Property Tax - Property Tax is required to be paid by Income Tax Assessee year on year in most of the cities and townships

- Octroi Charges - Imposed and charged by some states for taking goods in that state. Octroi duty need to be paid

 

Other Type of Taxes

- Capital Gain Tax on income gaining from sale of Property, Equity Market

- Securities Transaction Tax on Trading on Stock Market

- Stamp Duty on Buying Property

- Registration Charges on Buying Car and Home

- Entertainment Taxes on Watching Movies, Drama

- Toll Tax on Crossing Inter State

- Professional Tax required to be paid by Doctors, CA

- Gift Tax if gift amount exceeds a specified amount in a year

- Lottery Tax - if amount won is through Lottery, Game

If we missed any or there are more type of taxes, feel free to add up in comment box !!

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Comments 1

Guest - Nguyen Anh Phong on Thursday, 21 August 2014 11:53

May any one who can help me?:
We will sign the Contract to supply ans install the air conditioner to a customer in India, valued about 1 million USD. The customer donot want to join import procedure so we have to we have bear all cost and fee to deliver the goods and install them completely.
May I ask: Which type of tax and fee we will bear ? some tax may be for reference:
- Income tax ?
- Custom duty ?
- VAT ?
- Corporate tax ?
--....

Tks in advance.

May any one who can help me?: We will sign the Contract to supply ans install the air conditioner to a customer in India, valued about 1 million USD. The customer donot want to join import procedure so we have to we have bear all cost and fee to deliver the goods and install them completely. May I ask: Which type of tax and fee we will bear ? some tax may be for reference: - Income tax ? - Custom duty ? - VAT ? - Corporate tax ? --.... Tks in advance.
Guest
Wednesday, 18 September 2019

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