UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Basics of Taxation
Basics of Taxation Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Basics of Taxation Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What are the different types of taxes in India? |  |
Ans. In India, there are various types of taxes such as income tax, goods and services tax (GST), corporate tax, customs duty, excise duty, and property tax.
| 2. How is income tax calculated for individuals in India? | |
Ans. Income tax for individuals in India is calculated based on their income slabs and tax rates set by the government. The income tax slab rates can vary each financial year.
| 3. What is the difference between direct and indirect taxes? | |
Ans. Direct taxes are paid directly by individuals or organizations to the government, such as income tax and corporate tax. Indirect taxes, on the other hand, are levied on goods and services, and the burden is passed on to the final consumer.
| 4. Can tax evasion lead to legal consequences in India? | |
Ans. Tax evasion is a serious offense in India and can lead to legal consequences such as penalties, fines, and imprisonment. It is important to comply with tax laws to avoid facing legal action.
| 5. How can individuals save on taxes in India? | |
Ans. Individuals in India can save on taxes by investing in tax-saving instruments such as Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), National Pension System (NPS), and tax-saving fixed deposits. These investments are eligible for tax deductions under Section 80C of the Income Tax Act.
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Dec 22, 2024 Last updated |
Video Description: Basics of Taxation for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
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