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Hiral Jain

Content writerย โ€ขย 1y

Greetings everyone! Let's learn about our tax system! The Indian tax system is divided into two categories: Direct (income tax) and Indirect (GST)it's an unfair tax tbh. It's because everyone pays the same tax regardless of their income. For example, you and I would both pay the same Gst for a toy one more thing,a pen costs 10 out of which 2โ‚น is Gst, the businessman would pay this directly to the govt. But govt do try to make it more fair by adding slabs. Let's talk about Income tax, As the word says you pay the tax on the income you have earned. Govt has slabs on this too. (ref: IMG) A person earning below 2.5L p.a won't be paying a penny for income tax. Let's understand it more. ex: if a person is earning 7lakhs he won't be paying a single amount as tax for 2.5L and for income between 2.5 to 5L he will pay 5% tax and from 5-7L he will pay 10% That means he will have to pay 12500 + 20000 as his tax. this topic is a subject in the CA inter-exam and final. Until next time!

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