Aiter studying this chapter, you should be able to:

> Define tax structure of India,

> Explain different types of tax prevailing in India,
> Explain tax authorities of India,
> Understand the income tax slabs rate,
> Compare the old and new tax regime,
> Understand the pros and cons of the new and old tax regime.

5.1 Introducion
of income for the
ndia offers a well-structured tax system for its population. Taxes are the largest source
development of the nation.
Overnment. This money is deployed for various purposes and projects for the
government collects money from the general public in the form of taxes which it uses for
The
general public may comprise
ifferent developmental schemes and functioning of the economy. Theproviders. All these people pay
aried people,business people, industrialists and many other service
expéctation that the government would function efficiently In your lifetime, you definitely
axes with th th¹ market, is inclusive of taxes that have
we buy things in
ave to pay taxes. The pricesthat we pay when money and also when we earn money. Not many
Deen,charged on them.We bear taxes when we, spend
hard earhed money for taxes. You must have often heard your elders' say,
us willingly part with their Payment of taxes is not onlythe duty ofevery citizen but an
what do we get thatwe should paytaxes?"
our country as a prosperous, secure, stable and a just nation-state.
Ssential requirement for existence of
 at are whichasa government.
system, The drainage
central agricultural andgovernmentthe difference authority.
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owe government taxesinclude exemptMarch.
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citizens
tax central
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be for taxes. andto prescribed company,
exceeds
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to is payer goods
India impose pay indirect
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local to
for duty, governments taxes tax we on as
on bus1ness'
annually
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providing for smart the cannot
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individuals
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taxes
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governmnt for us India taxation
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