In India, resident taxpayers are taxed on their worldwide income. However, non-resident taxpayers are taxed only on income received in India or on income arising (or deemed to arise) in India. Corporate income is taxed both at corporate level and to shareholders upon distribution as dividends.
Financial year is from 1st April to 31st March for all tax related matters.
The principal taxes are as follows:
1. Taxes on income are the Income tax, Agricultural income tax (levied only by states), Interest tax (applicable to banking and financial companies).
2. Taxes on transactions include local sales tax (levied only by states), Central sales tax, Excise duty, Customs duty, Stamp duty, Gift tax, Expenditure tax, and Value Added Tax.
3. Taxes on property include Wealth tax and Property tax.
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