Tax: Several individuals who worked in offices may not have given taxes much thought during their employment and may not have given them much thought at all until they became independent workers. What is tax? First of all, a growing number of sole proprietorships appear to have an insufficient concept of the fundamentals of taxes. Recognize taxes from the outset and acquire foundational knowledge before engaging in practical tasks like tax return filing.
Table of Contents
What is Tax and its Types?
A tax is a mandatory fee or financial charge levied by any government on an individual or an organization to collect revenue for public works providing the best facilities and infrastructure. The collected fund is then used to fund different public expenditure programs.
If one fails to pay the taxes or refuses to contribute towards it will invite serious implications under the pre-defined law.
There are mainly 2 types of taxes in India, Direct and Indirect tax. Even if we restrict our discussion to a small number of typical taxes in the nation, there are several more types of taxes, as the list below indicates:
- Resident
- Income
- Tobacco tax and Liquor
- Capital gain
- Goods and services
- Value-added
- Customs duty
- Service
- Gift
- Oil and gas
Apart from these, there are numerous more taxes in the country that we have to pay regularly. Tax payment is an “individual duty,” and individuals who fail to pay may face penalties from the tax office, including detention, or they may be required to make further payments in the future.
These days, we are surrounded by a variety of public places and services that are intended to support our ability to lead safe and healthy lives. Everyone must contribute to the high expense of creating these services and facilities. This is the definition and meaning of “tax.” It’s as though we contribute a “membership fee” to sustain a society that is convenient to live in.
Direct Tax
- The definition of direct tax is hidden in its name which implies that this tax is paid directly to the government by the taxpayer
- The general examples of this type of tax in India are Income Tax and Wealth Tax.
- From the government’s perspective, estimating tax earnings from direct taxes is relatively easy as it bears a direct correlation to the income or wealth of the registered taxpayers.
Indirect Tax
- Indirect taxes are slightly different from direct taxes and the collection method is also a bit different. These taxes are consumption-based that are applied to goods or services when they are bought and sold.
- The indirect tax payment is received by the government from the seller of goods/services.
- The seller, in turn, passes the tax on to the end-user i.e. buyer of the good/service.
- Thus the name indirect tax as the end-user of the good/service does not pay the tax directly to the government.
- Some general examples of indirect tax include sales tax, Goods and Services Tax (GST), Value Added Tax (VAT), etc.
What is Tax In hindi
टैक्स व्यक्तियों, व्यवसायों या अन्य संस्थाओं पर राजस्व उत्पन्न करने के लिए सरकार द्वारा लगाया गया अनिवार्य वित्तीय शुल्क या फीस है. इस राजस्व का उपयोग राष्ट्र के समग्र विकास और कल्याण में सुधार के उद्देश्य से सार्वजनिक सेवाओं, बुनियादी ढांचे और विभिन्न सरकारी कार्यक्रमों के लिए किया जाता है. टैक्सेशन के प्रकार को व्यापक रूप से प्रत्यक्ष और अप्रत्यक्ष टैक्स में वर्गीकृत किया जा सकता है. टैक्स का भुगतान करना एक आवश्यक नागरिक जिम्मेदारी है, क्योंकि यह सरकार को आवश्यक सेवाएं प्रदान करने और समाज के विभिन्न वर्गों को उन्नत करने में मदद करता है.
कर के प्रकार
1. प्रत्यक्ष कर
प्रत्यक्ष कर: व्यक्तियों या संस्थाओं पर उनकी आय या संपत्ति के आधार पर प्रत्यक्ष कर लगाए जाते हैं, और उन्हें सीधे सरकार को भुगतान किया जाता है. प्रत्यक्ष करों के उदाहरण में शामिल हैं:
● इनकम टैक्स
● कॉर्पोरेट टैक्स, और
● संपत्ति कर.
ये टैक्स प्रकृति में प्रगतिशील हैं, इसका अर्थ यह है कि उच्च आय अर्जक अपनी आय का प्रतिशत टैक्स के रूप में अधिक भुगतान करते हैं. प्रत्यक्ष कर धन पुनर्वितरण में मदद करते हैं, क्योंकि वे उन लोगों से राजस्व एकत्र करते हैं जो अधिक भुगतान कर सकते हैं और समाज के कम विशेषाधिकृत वर्गों के लिए सामाजिक कल्याण कार्यक्रमों को संसाधनों का आवंटन कर सकते हैं.
2. अप्रत्यक्ष कर
अप्रत्यक्ष कर: वस्तुओं और सेवाओं पर अप्रत्यक्ष कर लगाए जाते हैं, और उन्हें अंतिम मूल्य के रूप में अंतिम उपभोक्ता को पारित किया जाता है. प्रत्यक्ष करों के विपरीत, किसी व्यक्ति की आय या धन के आधार पर अप्रत्यक्ष कर नहीं होते हैं. अप्रत्यक्ष करों के उदाहरणों में शामिल हैं:
● गुड्स एंड सर्विसेज़ टैक्स (GST)
● वैल्यू एडेड टैक्स (VAT), और
● सेल्स टैक्स.
अप्रत्यक्ष कर प्रकृति में प्रगतिशील होते हैं, क्योंकि वे सभी उपभोक्ताओं को उनके आय के स्तर को ध्यान में रखते हुए समान रूप से प्रभावित करते हैं. हालांकि, वे सरकार के लिए राजस्व उत्पन्न करने में महत्वपूर्ण भूमिका निभाते हैं और टैक्स दरों को एडजस्ट करके कुछ वस्तुओं और सेवाओं की खपत को नियंत्रित करने में मदद करते हैं.
यहां टैक्स का अर्थ और प्रकार का टेबल दिया गया है.
| टैक्स के प्रकार | प्रत्यक्ष और अप्रत्यक्ष करों के उदाहरण | संक्षिप्त विवरण |
| प्रत्यक्ष कर | 1. आयकर | किसी व्यक्ति या बिज़नेस की आय या लाभ पर लगाया जाने वाला टैक्स. |
| 2. कॉर्पोरेट टैक्स | निगमों के लाभों पर लगाया जाने वाला कर. | |
| 3. कैपिटल गेन टैक्स | स्टॉक, प्रॉपर्टी या अन्य इन्वेस्टमेंट जैसे एसेट की बिक्री से अर्जित लाभ पर टैक्स. | |
| 4. संपत्ति कर | किसी व्यक्ति के स्वामित्व वाली पर्सनल एसेट की कुल वैल्यू पर लगाया जाने वाला टैक्स. | |
| 5. विरासत कर | विरासत के माध्यम से आस्तियों के हस्तांतरण पर लगाया जाने वाला कर. | |
| 6. प्रॉपर्टी टैक्स | रियल एस्टेट या अन्य प्रॉपर्टी की वैल्यू पर लगाया जाने वाला टैक्स. | |
| 7. व्यावसायिक कर | वकील, डॉक्टर और आर्किटेक्ट जैसे पेशे से आय कमाने वाले व्यक्तियों पर लगाया जाने वाला टैक्स. | |
| अप्रत्यक्ष कर | 1. गुड्स एंड सर्विसेज़ टैक्स (GST) | माल और सेवाओं की आपूर्ति पर लगाया जाने वाला कर; भारत में वैट, उत्पाद शुल्क और सेवा कर बदलता है. |
| 2. वैल्यू एडेड टैक्स (VAT) | उत्पादन और वितरण के प्रत्येक चरण पर माल में जोड़े गए मूल्य पर लगाया जाने वाला टैक्स. | |
| 3. उत्पाद शुल्क | विशिष्ट वस्तुओं के उत्पादन या विनिर्माण पर लगाया जाने वाला कर. | |
| 4. कस्टम्स ड्यूटी | माल के आयात और निर्यात पर लगाया जाने वाला कर. | |
| 5. सेवा कर | सेवाओं के प्रावधान पर लगाया जाने वाला टैक्स, अब भारत में जीएसटी के तहत लगाया गया है. | |
| 6. सिक्योरिटीज़ ट्रांज़ैक्शन टैक्स (एसटीटी) | स्टॉक मार्केट में सिक्योरिटीज़ की खरीद और बिक्री पर लगाया जाने वाला टैक्स. | |
| 7. मनोरंजन कर | मूवी टिकट, अम्यूजमेंट पार्क और लाइव इवेंट जैसी एंटरटेनमेंट गतिविधियों पर लगाया जाने वाला टैक्स. | |
| 8. स्टाम्प ड्यूटी | प्रॉपर्टी ट्रांसफर, शेयर सर्टिफिकेट और लोन एग्रीमेंट जैसे कानूनी डॉक्यूमेंट पर लगाया जाने वाला टैक्स. | |
| 9. रोड टैक्स | सार्वजनिक सड़कों का उपयोग करने के लिए वाहनों पर लगाया जाने वाला टैक्स. |
विभिन्न प्रकार के टैक्स को समझने से व्यक्तियों और बिज़नेस को उनकी फाइनेंशियल प्लानिंग और अनुपालन के बारे में सूचित निर्णय लेने में मदद मिल सकती है.
Tax in India
To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying taxes to the local government is an integral part of everyone’s life, no matter where we live in the world.
Now, taxes can be collected in any form such as state taxes, central government taxes, direct taxes, indirect taxes, and much more. For your ease, let’s divide the types of taxation in India into two categories, viz. direct taxes and indirect taxes. This segregation is based on how the tax is being paid to the government.
What do public facilities and services mean?
“Public” refers to anything that is for everybody, not just oneself. “Public services and public facilities” are programs and resources that safeguard people’s lives and property and promote peace and safety.
- To safeguard safe and calm lives, there should be police stations, fire stations, and Self-Defense Forces.
- Water purification and waste treatment facilities to promote hygienic and healthy living
- Everybody can acquire the skills and information they need to be a contributing member of society at schools and libraries.
- Construction tasks related to maintaining mountains, rivers, the sea, and building roads and bridges.
- Welfare, including health care costs and pensions
- Fees for textbooks, tuition, and other necessities for education
What occurs, for instance, to the consumption tax that was paid at the store?
The consumption tax that every customer pays at the store is retained by the store, and the total amount paid by all customers to the tax office is turned into national tax there. A part of this sum is allocated to the regions and cities as “local tax,” which is a tax imposed by the districts or cities. After taking the National Diet and prefectural assemblies into account, taxes are utilized for public facilities and services.
How Taxes are Charged?
Local and national governments are the 2 locations where taxes can be paid. Taxes paid to the federal government are referred to as “national taxes,” whereas taxes paid to municipal governments are referred to as “local taxes.” The national and municipal governments employ both local and national taxes for different reasons and purposes.
Additionally, if the same tax is submitted, it might be split between the federal and local governments in some cases. For instance, in the scenario of consumption tax, part of it is given to the national government and another amount is given as “local consumption tax” to the local government in some situations.”
Indirect taxes are deposited on top of other taxes when you purchase anything; the vendor pays the tax on the buyer’s behalf. Direct taxes are made directly to the federal, state, and municipal governments.
The taxes collected in this manner go toward funding a range of “public services” that we utilize daily. In reality, our taxes pay for a large portion of the public services that are available to us at no cost or extremely cheap cost.
The following are public services that are truly funded by taxes:
- the use of fire engines, ambulances,
- garbage pickup vans
- a portion of the cost of healthcare
- police-related tasks, such as organizing police cars.
These services are all fee-based, and as the cost goes up, the quality of the service will suffer. Tax payments are necessary to ensure that all citizens receive equitable and superior services.
Taxes and Store Management
You should become more knowledgeable regarding the following taxes if you are the only owner of a business, such as a restaurant or retail shop. They are highly relevant.
Gaining a deeper understanding of business taxes will help you run your store more wisely and effectively. Understanding taxes is crucial if you want your store to grow and turn a profit.
Income tax always plays a significant role in corporate operations, regardless of the kind. Income tax goes directly to the government because it is a national tax and a direct tax. The tax payment process is referred to as a “last tax return.”
Since paying taxes is the responsibility of every person, an annual final tax return must be submitted. Let’s try our best to contribute to the maintenance of the public services that are necessary for our daily existence by accurately and completely filing our tax returns.
Conclusion
Taxes are essentially membership fees associated with being a resident of India; if you reside abroad, you must pay dues in that nation as well. There are two types of taxes: “national taxes” and “local taxes.” Based on the way they are paid, they can be categorized as “direct taxes” or “indirect taxes.” Public services are operated, among other things, with the help of taxes paid. More information regarding business taxes, income taxes, etc., is needed for store managers. The process for paying income tax and other charges is also through a final tax return.
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FAQs Income Tax
How can I Calculate tax on salary?
The government sets the tax rates, which are based on several income brackets. The following formula is used to calculate income taxes: Gross Salary – Deductions = Taxable Income; Income Tax = (Taxable Income x Applicable Tax Rate) – Tax Rebate.
What is the maximum non-taxable income limit?
For the fiscal year 2023–2024, the exemption threshold for income tax is up to Rs.2.5 lakh for all individuals, HUFs, those under 60 years of age, and NRIs.
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