India has embarked on a series of tax reforms since early 1990s. The focus of reforms has been on rationalization of the tax rates and simplification of procedures.
In India tax is levied by central, state and local government bodies. Principal taxes including corporate tax, custom duties, central excise duty and services tax are levied by the central government. On the other hand states levy principal taxes like state excise duties, sales tax and stamp duties. Local government bodies levy octroi duties and other taxes of local nature like water tax and property taxes.
INCOME TAX Income earned in a financial year is liable to tax as per the rates prescribed for that year. A financial year runs from 1 April to 31 March of the following year. India follows a residence based taxation system. Broadly, taxpayers may be classified as residents or non-residents. Individual taxpayers may also be classified as 'residents but not ordinary residents'.
An Indian company is always an Indian resident. Additionally, any other company whose affairs are wholly controlled and managed from India is also a resident. Any other company would be a non-resident.
Residential Status An individual is resident in India if he is in India in the tax year for:
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