TYPES OF TAX

THERE ARE TWO TYPES OF TAX

•DIRECT TAX
•INDIRECT TAX
Direct tax are paid by tax payer directly to the
government . It is also define as the tax where liability
the burden to it resides on the same individual
Direct tax are Non shiftable tax paid by tax to the
government. Direct tax are collected by the central
government as well as by the state government
according to the type of need.
For example
Income tax
Wealth tax
Corporative tax
 INCOME TAX
Income tax paid by same person
according to tax slab as define by income
tax department.
Income tax refers to the tax you pay
directly to the central government,
depending on your income or profit.
Income tax was implemented from 1962
TAX SLAB
0-60 years
60-80 years
0-250000 – NILL
0-300000 – NILL
250000 -500000 –
5% 300000-500000- 5%

500000-1000000- 500000-1000000-
20% 20%

1000000- Above- 1000000-Above-30%

30%
80 – ABOVE YEARS

0-500000 – NILL

500000-1000000-
20%

1000000 – ABOVE –
30%
DISTINGUISH BETWEEN PREVIOUS
YEAR AND ASSESSMENT YEAR
PREVIOUS YEAR ASSESSMENT YEAR
The year in which It mean the period of 12

income is earned is months commencing on

known as previous the first day of april
year. Income tax is every year an ending on
31st march of the next
charged on the total
year and assessee is
income of the previous liable to pay tax on the
year at the rates income of the previous
prescribed by relevant year during the
finance act for the following financial year.
assessment year.
ASSESSEE
An assessee means a person –
 Who is liable to pay any tax
Who is liable to pay any other sum of
money under this act.
Who is deemed to be an assessee under
any provision of this act
Person
Person include the following
An individual
HUF (Hindu Undivided Family)
Company
A Firm
AOP (Association of person)
Local authority
Body Of Individual
PAN (Permanent Account Number)
PAN means a number which the assessing officer
may alot to any person for the purpose of
identification.
PAN has 10 alpha numeric character and it is
issued in the form of laminated card
Application for PAN if an assessee officer has not
been alloted a permanent account number he must
apply for it in FORM NUMBER 49A with in
prescribe time. The assessee officer has also got
power to alot to any other person a permanent
account number if tax is payable by such person.
THANK YOU
MADE BY ANUSRIYA
NEGI
BSC 3RD SEMESTER