India's tax system is divided into Direct Taxes and Indirect Taxes, governed by the Income Tax Department (for direct taxes) and GST Council (for indirect taxes). Here's a clear breakdown to help you understand

India's tax system is divided into Direct Taxes and Indirect Taxes , governed by the Income Tax Department (for direct taxes) and GST Council (for indirect taxes). Here's a clear breakdown to help you understand: ЁЯЗоЁЯЗ│ TAX SYSTEM IN INDIA — Overview ✅ 1. Direct Taxes These are paid directly by individuals and businesses on income or profit . ЁЯФ╣ a. Income Tax Applies to : Individuals, HUFs (Hindu Undivided Families), partnerships, LLPs, and companies. Based on : Annual income or profits. Rates vary : Based on income slabs and tax regime chosen (Old vs. New). ЁЯз╛ Income Tax Slabs (FY 2025–26 – New Regime): Income Range Tax Rate ₹0 – ₹3,00,000 Nil ₹3,00,001 – ₹6,00,000 5% ₹6,00,001 – ₹9,00,000 10% ₹9,00,001 – ₹12,00,000 15% ₹12,00,001 – ₹15,00,000 20% ₹15,00,001 and above 30% Old Regime allows deductions (80C, 80D, HRA, etc.), while New Regime has lower rates but fewer deductions. Due date for individual filing: July 3...