What are the main features of Indian tax system?

The important taxes levied by the union government are income tax, corporation tax, central excise duties, wealth tax, gift tax, custom duties etc. ADVERTISEMENTS: The state governments main taxes are land revenue, sale tax, state excise duties entertainment tax, stamp and registration duties etc.Click to see full answer. Similarly, it is asked, what are the…

The important taxes levied by the union government are income tax, corporation tax, central excise duties, wealth tax, gift tax, custom duties etc. ADVERTISEMENTS: The state governments main taxes are land revenue, sale tax, state excise duties entertainment tax, stamp and registration duties etc.Click to see full answer. Similarly, it is asked, what are the features of a good tax system?A good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease. Although opinions about what makes a good tax system will vary, there is general consensus that these five basic conditions should be maximized to the greatest extent possible.One may also ask, what are the features of income? Characteristics of Income Income is something which comes in, which means coming into your pocket. Income may not be in cash but even if this can be converted into cash it would be income. Income is something which is periodic in nature, which comes in regularly such as rent, interest, salary & wages. Likewise, what is tax and its features? Characteristics of a Good Tax System (1) Tax is a Compulsory Contribution. A tax is a compulsory payment from the person to the Government without expectation of any direct return. Every person has to pay direct as well as indirect taxes.What is income tax system in India? 10 lakhs in a financial year. 20% and 25% tax is levied on the income group of Rs. 10 lakh to 12.5 lakhs and Rs. 12.5 to Rs. Income Tax Slab for Financial Year 2020-2021. Annual Income (in Lakhs) Old Tax Rate New Tax Rate 7.5 to 10 20% 15% 10 to 12.5 30% 20% 12.5 to 15 30% 25% 15 and above 30% 30%

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