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

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 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:

๐Ÿ‡ฎ๐Ÿ‡ณ TAX SYSTEM IN INDIA — Overview

✅ 1. Direct Taxes

These are paid directly by individuals and businesses on income or profit.

๐Ÿ”น 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).

๐Ÿงพ 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 31 (AY 2025–26 for FY 2024–25)

๐Ÿ”น b. Corporate Tax

  • Domestic company: 25% (if turnover < ₹400 crore), 30% otherwise.

  • Foreign company: 40%

  • Concessional rates: New manufacturing companies – 15% (subject to conditions)

๐Ÿ”น c. Capital Gains Tax

  • Tax on profit from selling property, stocks, gold, etc.

    • Short-Term (STCG): Higher rate (e.g., 15% on stocks)

    • Long-Term (LTCG): 10% or 20% with indexation

๐Ÿ”น d. Other Direct Taxes

  • Securities Transaction Tax (STT)

  • Dividend Distribution Tax (DDT) — abolished; now taxed in hands of recipients

  • Wealth Tax — abolished

✅ 2. Indirect Taxes

These are paid indirectly via goods and services purchased.

๐Ÿ”น a. Goods and Services Tax (GST) — Unified tax system in India

GST Type Levy
CGST Central Govt share
SGST State Govt share (intra-state)
IGST For inter-state transactions

๐Ÿ”ธ GST Rates (as of 2025):

Goods/Services Rate
Essential items (milk, cereals) 0%
Basic goods (packaged food, etc.) 5%
Standard items (apparel, electronics) 12%–18%
Luxury goods, sin goods (cars, tobacco) 28%+ Cess

  • GST is applicable to: Businesses with turnover above threshold (₹20L for services, ₹40L for goods).

  • GST filing: Monthly/quarterly via GSTN portal

๐Ÿ‘จ‍๐Ÿ‘ฉ‍๐Ÿ‘ง‍๐Ÿ‘ฆ Who Pays Taxes in India?

Category Tax Applicable
Salaried individuals Income Tax (TDS deducted monthly)
Business owners Income Tax + GST
Freelancers Income Tax + GST (if turnover > threshold)
Companies Corporate Tax + GST

๐Ÿงฎ Key Tax Deductions (Old Regime only)

Section Deduction Allowed
80C ₹1.5 lakh (LIC, PPF, ELSS, home loan principal)
80D ₹25k–₹50k (health insurance)
24(b) ₹2 lakh (home loan interest)
80G Donations to charities
10(14) HRA exemption

๐Ÿ“ฑ How to File Taxes (Income Tax Return - ITR)?

  1. Register on https://www.incometax.gov.in

  2. Link PAN–Aadhaar

  3. Choose appropriate ITR Form (ITR-1 for most salaried)

  4. Use Form 26AS and AIS/TIS for income details

  5. Claim deductions (if any)

  6. Verify & e-file before due date

๐Ÿ”” Penalties & Notices

  • Late filing: ₹1,000–₹5,000 penalty

  • Non-filing or misreporting: Hefty fines + prosecution

  • Scrutiny notices: Possible for high-value transactions or mismatched returns


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