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Various types of Tax
February, 09th 2010

Taxes come in various shapes and sizes, but primarily fit into two little slots.

DIRECT TAX

This is the tax that you, I (and India Inc) directly pay to the govern-ment for our income and wealth. So income tax, wealth tax, and STT are all direct taxes.

INDIRECT TAX

This ones a double whammy: Its essentially a tax on our expenditure, and includes customs, excise and service tax. Its not just you who thinks this isnt fair - governments too consider this tax regressive, as it doesnt check whether youre rich or poor. You spend, you pay. Thats precisely why most governments aim to raise more through direct taxes.

MAKING YOU PAY

The various taxes that the government levies

CORPORATION (CORPORATE) TAX

Its the tax that India Inc pays on its profits.

TAXES ON INCOME OTHER THAN CORPORATION TAX

Its income-tax paid by non-corporate assessees people like us.

FRINGE BENEFIT TAX (FBT)

No free lunches here. If you want the jam with the bread and butter, youd better pay for it. In the 2005-06 Budget, the government de-cided to tax all perks what is calls the fringe benefit given to employees. No longer could companies get away with saying ordinary business expenses and escape tax when they actually gave out club memberships to their employees. Employers have to now pay a tax (FBT) on a percentage of the expense incurred on such perquisites.

SECURITIES TRANSACTION TAX (STT)

If youre dealing in shares or mutual funds , you have to loosen those purse strings a wee bit too. STT is a small tax you need to pay on the total amount you pay or receive in a share deal. In the 2004-05 Budget, the government did away with the tax on profits earned on the sale of shares held for over a year (known as long-term capital gains tax) and replaced it with STT.

CUSTOMS

Anything you bring home from across the seas comes with a price. By levying a tax on imports, the governments firing on two fronts: its filling its coffers and protecting Indian industry.

UNION EXCISE DUTY

Made in India? Either way, theres no escape. In other words, this is a duty imposed on goods manufactured in the country.

SERVICE TAX

If you text your friend a hundred times a day, or cant do with-out the coiffeured look at the neighbourhood salon, your monthly bill will show up a little charge for the services you use. It is a tax on services rendered.

 
 
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