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FINANCE AND TAXATION

Finance is the backbone of any economy. In order to propel the economic development of the country, finance and tax related matters are highly essential. This section provides information related finance and taxes, and covers sectors namely insurance, banking, economy, trades and business etc
Tax is typically a smaller part of the overall Finance budget and may not be viewed as a priority area with respect to the transformation, notwithstanding that greater financial risk may be attributable to it. Tax may experience problems defining how it adds value to the greater organisation.

There are two types of taxes namely, direct taxes and indirect taxes. The implementation of both the taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.

Learn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance ...

What is taxable income?

  • wages, salaries, tips, bonuses, vacation pay, severance pay, commissions.
  • interest and dividends.
  • certain types of disability payments.
  • unemployment compensation.
  • jury pay and election worker pay.
  • strike and lockout benefits.
  • bank “gifts” for opening or adding to accounts if more than “nominal” value.
Any Indian citizen aged below 60 years is liable to pay income tax, if their income exceeds Rs 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he/she will have to pay taxes to the Government of India.
Income tax is applicable to be paid by individuals, corporates, businesses, and all other establishments that generate income.
Even though income tax is paid every month from the monthly earnings, it is calculated on an annual basis. The amount of income tax an individual has to pay depends on a number of factors.
A tax deduction reduces your taxable income. As a result you pay lower taxes. The higher your tax bracket (the percentage of the income that you owe in taxes) the more valuable a tax deduction is Tax credits reduce the money you owe in taxes rather than reducing your taxable income.
 
     
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