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The Tax Structure present in India is very strong and it follows the financial year. The taxation as per the tax structure in India is applicable for any kind of income pertaining to any person working as an employee in the public sector units or private sector units or foreign companies in India or in Departments of the State Governments of India, or Departments of the Central Government of India or is self employed and engaged in commercial activities which are legal in nature. Several corporations that are engaged in commercial activities also come under taxation. The public bodies as well as state governments and central government have clear demarcation of their functioning. Central government imposes tax on all types of income such as customs duties, central excise, and service tax apart from the income pertaining to agriculture. The State Governments of India are responsible for imposing tax such as sales tax, Value Added Tax (VAT), income from agriculture, professional tax, state excise duty, land revenue, etc. Taxes imposed by the local bodies pertain to Octroi tax, drainage and sewage utilities, water supply utilities, property tax, etc. Different types of taxes levied under tax structure in India: Direct Taxes Personal Income Tax Tax on Corporate Income Tax Incentives Capital Gains Tax Indirect Taxes Securities Transaction Tax Service Tax Excise Duty Customs Duty Taxes Levied by the State Governments and Local Bodies Other Taxes Sales Tax or Value Added Tax

Different heads of income under tax structure in India: Salary House property Profit in business or profession Capital gains Other sources

The different types of exemption schemes under tax structure in India: Exemption on income spent for higher educational purpose Exemption on income spent on the treatment of a diseased person if he/she is dependent Exemption on income that is spent as contribution towards provident fund, insurance policies, etc Exemption on the income that is spent on buying national savings certificates as well as investments in other government based savings schemes Exemption on income of a disabled person Exemption on income spent for payment of interest on loan

Other important facts under tax structure in India: The laws pertaining to central government income tax collection & recovery is governed by Department of Tax and Revenue under the Ministry of Finance, India The system of taxation completely depends on the personal assessment of income Penalties as well as interest are charged incase of non payment of taxes & failure to file returns The filing date cannot be extended. Any late filing is charged with interest Returns pertaining to losses need to be filed within the due date All the medium sized and large sized taxpayers are subject to investigative assessment For the purpose of filing returns, designated due dates are ascertained Tax is deducted at source by employers on behalf of employees as well as from all types of defrayments to non residents