Taxes in India are levied by the Central Government and the state governments. Some minor taxes are also levied by the local authorities such as the Municipality.
The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Central and the State. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore, each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. In 2013-2014, the gross tax collection of the Centre amounted to $13.64 trillion (US$200 billion)
|TDS RATE CHART FY 2015-16 AY 16-17|
|Nature of Payment Made To Residents||Cutoff (Rs.)||Company / Firm / Co-operative Society / Local Authority||Individual / HUF||If No / Invalid PAN|
|Section - Description||Rate (%)|
|192 - Salaries(note-10)||-||NA||Avg rates||20|
|192A-Premature withdrawal from EPF ( wef 01.06.2015)||30000||NA||10||34.608|
|193 - Interest on securities||-||10||10||20|
|194 - Dividends||2500||10||10||20|
|194A - Interest other than interest on securities - Others||5000||10||10||20|
|194A - Banks(Time deposits)||10000||10||10||20|
|194A - Banks (Recurring deposit)(01.06.15)||10000||10||10||20|
|194A - Deposit in Co-op Banks(01.06.15)||10000||10||10||20|
|194B - Winning from Lotteries||10000||30||30||30|
A value-added tax (VAT) or goods and services tax (GST) is a popular way of implementing a consumption tax in Europe, Japan, and many other countries. All OECD countries except the United States have a value-added tax. It differs from the sales tax in that taxes are applied to the difference between the seller-purchased price and the resale price. This is accomplished by taking full tax on all sales, but refunding the tax difference to the sellers.
To Download VAT form click link belowVAT Form Download
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow (or require) the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax.
To Download Sales Tax Forms click below LinkSales Tax Forms
PAN is a 10 digit alpha numeric number, where the first 5 characters are letters, the next 4 numbers and the last one a letter again. These 10 characters can bedivided in five parts as can be seen below. The meaning of each number has been explained further.
Nowadays, the DOI (Date of Issue) of PAN card is mentioned at the right (vertical) hand side of the photo on the PAN card. .........!!!
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