Dear Sarin
Which tax u want to know
Income tax hope so
In India two types of income tax
corporate income tax which is at a fixed rate on the income of the company
and Personal income tax the rate of whioch varies from 10% to 30% depending up on the levelof income with anexemption upto Rs.150,000 per year.
Foran individual, certain incomes are exeempted.
Your income from dividend, agricultural income etc are tax exempt
But you have to pay tax on interest on bank deposit and bonds and debentures.
For an individual he will get an exemption of another Rs.100,000 if he makes investment in certain specified assets like, Insurance, Providend Fund, Certain Mutual funds (ELSS), Repayment on housing loan, etc.
If you have income from sale of assets like land, building etc you have to pay capital gain tax at a different rate (20%)
Capiatal gain arisin gfrom sale of shares and debentures is currently exempted if they are sold after holding for a period of minimum one year.
Normally the tax is calculated under
Salaries
House Properties
Business or profession
Capital gains and
Other source
From the total of all these heads, the eligible deductions are deducted
For the remaining amount you have to pay tax
The tax rate will be announced in the union budget everyyear. these rates will be applicable from the following financial year.
Yoiur tax status depends on whether you are a resident Indian or NRI
Further details, visit
Indian Heads of Income,Heads Of Income In India,Income Tax Heads In India,Income Tax In India
Still you need clarification
