Taxation system of a country is very important for the growth and development of a country. Tax is the basic source of revenue without tax it is very difficult for a country to make a progress. Various kinds of taxes are levied and collected by the state and central government. The structure of tax is very well developed in India there is clear cut demarcation of authority between the central and state government and local bodies. In the last 10 -15 years tremendous taxation reforms are carried out like tax rates are made rational and tax laws are simplified, due to this there is better compliance and enforcement. The tax structure in India is very strong.
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The taxation under the tax structure in India is applicable for any kind of income pertaining to a person working as an employee under the public sector, Pvt sector units etc. Different taxes are levied under the tax structure in India like Direct taxes, Personal income taxes, Tax on corporate income tax incentives, capital gains tax, Indirect taxes etc. The laws of Central government income tax collection is governed by Department of Tax and Revenue under the Ministry of Finance, India. The system of taxation is based on the personal assessment of income. Penalties and interest are charged on the nonpayment of taxes and failing to file returns. The tax is deducted at source by the employers on behalf of the employees and from all kind of defrayments to non residents. All the large sized an medium sized taxpayers are subjected to investigative assessment. If you want to get knowledge about the tax structure in India then 365companies will help you.
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