Taxation System

Hello, I want to become the tax expert in the near future and I want to know the taxation system of India.

[Kiran Chandar]

Hello, here I am providing you the details of the taxation system of India which will help you to increase the knowledge in tax as under:

What is person in Indian tax?
Where a person includes:
Individual
Hindu Undivided Family (HUF)
Association of persons (AOP)
Body of individuals (BOI)
Company
Firm
A local authority and,
Every artificial judicial person not falling within any of the preceding categories

Who are residents?
Resident
An individual is treated as resident in a year if present in India:
1. For 182 days during the year or
2. For 60 days during the year and 365 days during the preceding four years. Individuals fulfilling neither of these conditions are non residents

Status of the taxation:
Status Indian Income Foreign Income
Resident and ordinarily resident Taxable Taxable
Resident but not ordinary resident Taxable Not taxable
Non-Resident Taxable Not taxable

Tax slabs:
For Male Individuals below 60 years of age & HUF
Income Tax Slabs Income Tax Rates
Where Total Income does not exceed Rs. 2, 50,000 NIL
Where the Total Income exceeds Rs. 2, 50,000
but does not exceed Rs. 5,00,000 10% of the Amount by
which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5, 00,000
but does not exceed Rs. 10,00,000 20% of the Amount by which it
exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10, 00,000 30% of the Amount by which it
exceeds Rs. 10,00,000