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General Tax

General Taxes in India

General taxes in India are of various kinds and categories. In India, taxes can be classified into two specific categories, indirect and direct taxes. Direct taxes are paid directly by you, while indirect taxes are levied on your indirectly. Some of the most common forms of direct taxes are income tax, wealth tax, and corporate taxes. If you own property in India, you should be aware of the direct taxes that impact your properties, mainly Income tax and Wealth tax. The Wealth tax act governs taxation related to the net wealth of an individual, a company or Hindu Undivided Family (HUF). However, in 2015, the wealth tax act was abolished and it was replaced with surcharge of 12% that individuals must pay if they earn more than Rs. 1 crore per year, or for companies that earn more than Rs. 10 crores per year. Some other forms of direct taxes are capital gains tax, that you must pay if you receive lump-sum income from selling investments or properties. The short-term and long-term capital gains varies for investments held for less than 36 months and for those held for more than 36 months respectively. There is also securities transaction tax and perquisite taxes that may be applicable in your case if you are investing in the stock market or receiving perks from your employer. To understand the complexities of taxes, you should consult a professional Chartered Accountant or tax expert who has experience in the field of taxation. At HousingNinja, we have partnered with the best tax experts from across India to help you file your taxes on time.

Companies who are operating in India should be aware of corporate tax that is a form of direct tax. Corporate taxes are similar to income taxes and they have different slab rates based on the total income level. Some other basic general tax categories for corporations in India are minimum alternative tax, fringe benefit tax, and dividend distribution tax. Some other common categories of general taxes in India are education cess/surcharge that is applicable to cover the cost of government sponsored education programs, professional tax that is levied by state governments on individuals practicing profession, and Swachh Bharat Cess, a form of tax collected by the government to promote cleaning initiatives in India.

In terms of indirect taxes, the biggest tax reform implemented in India is the Goods and Service Tax (GST) regime. Under GST, the earlier value added taxes, and service taxes have been reformed to bring all taxes under one destination based, multi-stage tax regime. Under destination based system, general taxes in India are now charged at the point of consumption of the goods or services. This removes the cascading effect of taxes, removes the multiple compliance requirements, and eases e-commerce transactions in India. If you want to register for GST services, or if you are seeking general tax related advices, then kindly Sign Up and fill out the general tax form. We will connect you immediately to our best Partner in your location who will guide you in filing your taxes.

You can also check out our Real Estate Forum to find general answers to your tax related questions. If you need more information about taxes or tax related deductions, kindly check our latest Blog section.