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The tax is usually accompanied by a number of service taxes, e.g., water tax, drainage tax, conservancy (sanitation) tax, lighting tax, all using the same tax base. The rate structure is flat on rural (panchayat) properties, but in the urban (municipal) areas it is mildly progressive with about 80% of assessments falling in the first two slabs.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
The Income Tax Department is the central government's largest revenue generator; total tax revenue increased from ₹ 1,392.26 billion (US$17 billion) in 1997–98 to ₹ 5,889.09 billion (US$71 billion) in 2007–08. [3] [4] In 2018–19, direct tax collections reported by the CBDT were about ₹ 11.17 lakh crore (₹11.17 trillion). [5]
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.
A tax on capital gains was imposed for the first time in 1946, although the concept of ‘capital gains’ has been amended many times by later amendments. [12] In 1956, Mr. Nicholas Kaldor was given the responsibility of investigating the Indian tax system in light of the revenue requirement of the second five-year plan (1956–1961).
As an American, you're responsible for figuring out your own tax liability and filing a correct return. While you can enlist the help of a professional tax advisor or accountant to help, you'll ...
Italy’s “regressive” tax system, made up of starkly inconsistent tax rates, has exacerbated inequalities between the country’s richest and poorest. The European country has made few ...
[b] In India on the other hand there is a slab rate system, where for income below INR 2.5 lakhs per annum the tax is zero percent, for those with their income in the slab rate of INR 2,50,001 to INR 5,00,000 the tax rate is 5%. In this way the rate goes up with each slab, reaching to 30% tax rate for those with income above INR 15,00,000.