Indian Tax

System -
An
Overview

Habibullah & Co.

Chartered Accountants
India
www.hcoca.com
info@hcoca.com
2 Indian Tax System - An Overview

TAXATION SYSTEM IN INDIA

India has a well-

developed tax
structure with clearly
demarcated authority
between Central and
State Governments
and local bodies.

Central Government
levies taxes on
income (except tax on agricultural income, which the State Governments can levy), customs duties,
Central Goods & Services tax (CGST) & Integrated Goods & Services Tax (IGST).

State Good & Services Tax (SGST), stamp duty, state excise, land revenue and profession tax are
levied by the State Governments.

Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply,
drainage etc.

Indian taxation system has undergone tremendous reforms during 2017. The multiple
indirect taxes have been subsumed in the new Good & Services Tax which was
implemented from 1st July 2017. With the implementation of GST almost 17 types of indirect
taxes have been abolished making the indirect tax compliance much easier and free from
bureaucracy. The government introduced Goods
and Services Tax (GST) in 2017 which is the most Direct Tax Indirect Tax
important tax reform in independent India till date.
Earlier, governments levied various state and central
Income Tax GST
taxes for availing various services or buying different
goods. The taxation was complex and contradicting
Securities
rules enabled some people to evade taxes through Transaction Excise Duty
loopholes in the system. After the introduction of Tax

GST, higher percentage of assessees was brought in

the taxation umbrella and it made tougher for evaders to escape from Custom Duty
paying taxes. Also tax rates have been rationalized and tax laws have
been simplified in recent years, resulting in better compliance, ease of tax payment and
better enforcement. The process of rationalization of tax administration is ongoing in India.

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3 Indian Tax System - An Overview

DIRECT TAXES
In case of direct taxes (income tax, securities transaction tax, etc.), the burden directly falls on the
taxpayer.

INCOME TAX
According to Income Tax Act 1961, every person, who is an assessee and whose total income
exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates
prescribed in the Finance Act. Such income tax shall be paid on the total income of the previous year
in the relevant assessment year.

Assessee means a person by whom (any tax) or any other sum of money is payable under the
Income Tax Act, and includes -
a) Every person in respect of whom any proceeding under the Income Tax Act has been taken
for the assessment of his income or of the income of any other person in respect of which he
is assessable, or of the loss sustained by him or by such other person, or of the amount of
refund due to him or to such other person;

b) Every person who is deemed to be an assessee under any provisions of the Income Tax Act;

c) Every person who is deemed to be an assessee in default under any provision of the Income
Tax Act.

A person includes:
 Individual
 Hindu Undivided Family (HUF)
 Association of persons (AOP)
 Body of individuals (BOI)
 Company
 Firm
 A local authority and,
 Every artificial judicial person not falling within any of the preceding categories.

Income tax is an annual tax imposed separately for each assessment year (also called the tax year).
Assessment year commences from 1st April and ends on the next 31st March.

The total income of an individual is determined on the basis of his residential status in India. For tax
purposes, an individual may be resident, non-resident or not ordinarily resident.

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4 Indian Tax System - An Overview

Resident
An individual is treated as resident in a year if
present in India:
1. For 182 days during the year or;
2. For 60 days during the year and 365 days
during the preceding four years. Individuals
fulfilling neither of these conditions are non
residents. (The rules are slightly more
liberal for Indian citizens residing abroad or
leaving India for employment abroad.)

Resident but not Ordinarily Resident

A resident who was not present in India for 730
days during the preceding seven years or who was
non-resident in nine out of ten preceding years is treated as not ordinarily resident.

Non-Residents
Non-residents are
taxed only on
income that is
received in India or
arises or is deemed
to arise in India. A
person not ordinarily
resident is taxed like a non-resident but is also liable to tax on income accruing abroad if it is from a
business controlled in or a profession set up in India.

Non-resident Indians (NRIs) are not required to file a tax return if their income consists of only interest
and dividends, provided taxes due on such income are deducted at source. It is possible for non-
resident Indians to avail of these special provisions even after becoming residents by following certain
procedures laid down by the Income Tax act.

Status Indian Income Foreign Income

Resident and ordinarily resident Taxable Taxable
Resident but not ordinary resident Taxable Not taxable
Non-Resident Taxable Not taxable

Personal Income Tax

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5 Indian Tax System - An Overview

Personal income tax is levied by Central Government and is administered by Central Board of Direct
taxes under Ministry of Finance in accordance with the provisions of the Income Tax Act.

Rates of Withholding Tax

There is an obligation on the payer
(either resident or non-resident) of
income to withhold tax when certain
specified payments are credited
and/or paid. Some of the expenses
that require tax withholding are as
follows:

Payments by Resident Companies

Nature of payment Payment threshold for WHT Tax rate
withholding Tax(WHT) (INR) (%)

Specified type of interest 5000 10

Non-specified type of interest 5,000 20

Professional or technical service 30,000 10

Commission and brokerage 5,000 5

Rent of plant, machinery, or equipment 180,000 2

Rent of land, building, or furniture 180,000 10

Contractual payment (except for 2

individual/Hindu undivided family [HUF]) 30,000 (single payment)

100,000 (aggregate payment)

Contractual payment to individual/HUF 1

30,000 (single payment)

100,000 (aggregate payment)

Royalty or fees for technical services 30,000 10

If the Permanent Account Number (PAN) of the deductee is not quoted, the rate of WHT will be the
rate specified in relevant provisions of the Income Tax Act, the rates in force, or the rate of 20%,
whichever is higher.

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6 Indian Tax System - An Overview

Payment to Non-Resident Companies

Nature of payment Tax rate (%)

Dividend 20

Interest on foreign currency (subject to conditions) 5

Interest on money borrowed in foreign currency under a loan agreement or by way of 5

long-term infrastructure bonds (or rupee denominated bonds) (time period for
borrowing is July 2012 to July 2015)

Interest on investment in long-term infrastructure bonds issued by Indian company 5

(rupee denominated bonds or government security)

Royalty and technical fees 10

Long-term capital gains other than equity shares of a company or units of an equity- 20
oriented fund/business trust on which STT is paid

Long-term capital gains on equity shares of a company or units of an equity-oriented 10

fund/business trust on which STT is paid

Income by way of winning from horse races 30

Other income 40

What is PAN?
PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued
by the Indian Income Tax Department to all tax payers and act as unique identification number for all
tax payers in the country. Its format is like ALWP-C-5809-L

What is TAN?
Tax Deduction Account Number or Tax Collection Account Number is a 10-digit alphanumeric number
issued by the Income-tax Department (we will refer to it as TAN). TAN is to be obtained by all persons
who are responsible for deducting withholding taxes (TDS) or who are required to collect tax at source
(TCS)

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7 Indian Tax System - An Overview

CORPORATE TAX
Definition of a company
A company has been defined as a juristic person
having an independent and separate legal entity from
its shareholders. Income of the company is computed
and assessed separately in the hands of the
company. However the income of the company,
which is distributed to it s shareholders as dividend, is
assessed in their individual hands. Such distribution
of income is not treated as expenditure in the hands of company; the income so distributed is an
appropriation of the profits of the company.

Residence of a company
A company is said to be a resident in India during the relevant previous year if:
 It is an Indian company
 If it is not an Indian company but, the control and the management of its affairs is situated wholly
in India
 A company is said to be non-resident in India if it is not an Indian company and some part of the
control and management of its affairs is situated outside India.

Corporate sector tax

The taxability of a company's income depends on its domicile. Indian companies are taxable in India
on their worldwide income. Foreign companies are taxable on income that arises out of their Indian
operations, or, in certain cases, income that is deemed to arise in India. Royalty, interest, gains from
sale of capital assets located in India (including gains from sale of shares in an Indian company),
dividends from Indian companies and fees for technical services are all treated as income arising in
India.

Type of Company Rate of Tax

Domestic Company Having annual turnover up to INR 2500 million 25% for FY
2018-19
All other Domestic Company 30%
Foreign Companies 40%
Education Cess applicable too all companies 3%
Surcharge – Domestic Company if Net income exceeds INR 10 Million but up to 7%
100 Million
Surcharge – Domestic Company if Net income exceeds INR 100 Million 12%
Surcharge – Foreign Company if Net income exceeds INR 10 Million but up to 2%
100 Million
Surcharge – Domestic Company if Net income exceeds INR 100 Million 5%

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8 Indian Tax System - An Overview

Different kinds Of Taxes Relating to a Company

MINIMUM ALTERNATIVE TAX (MAT)
Normally, a company is liable to pay tax on the income
computed in accordance with the provisions of the income
tax Act, but the profit and loss account of the company is
prepared as per provisions of the Companies Act. There
were large number of companies who had book profits as
per their profit and loss account but were not paying any
tax because income computed as per provisions of the
income tax act was either nil or negative or insignificant.

In such case, although the companies were showing book profits and declaring dividends to the
shareholders, they were not paying any income tax. These companies are popularly known as Zero
Tax companies. In order to bring such companies under the income tax act net, section 115JA was
introduced w.e.f assessment year 1997-98.

A new tax credit scheme is introduced by which MAT paid can be carried forward for set-off against
regular tax payable during the subsequent five year period subject to certain conditions, as under:-

 When a company pays tax under MAT, the tax credit earned by it shall be an amount, which
is the difference between the amount payable under MAT and the regular tax. Regular tax in
this case means the tax payable on the basis of normal computation of total income of the
company.

 MAT credit will be allowed carry forward facility for a period of five assessment years
immediately succeeding the assessment year in which MAT is paid. Unabsorbed MAT credit
will be allowed to be accumulated subject to the five-year carry forward limit.

 In the assessment year when regular tax becomes payable, the difference between the
regular tax and the tax computed under MAT for that year will be set off against the MAT
credit available.

 The credit allowed will not bear any interest

 At present the base rate of MAT is 18.50% subject to Education cess of 3% and
surcharge if book profit exceeds threshold limits as enumerated above.

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9 Indian Tax System - An Overview

DIVIDEND DISTRIBUTION TAX (DDT)

Under Section 115-O of the Income Tax Act, any amount declared, distributed or paid by a domestic
company by way of dividend shall be chargeable to dividend tax. Only a domestic company (not a
foreign company) is liable for the tax.
Tax on distributed profit is in addition
to income tax chargeable in respect
of total income.

It is applicable whether the dividend

is interim or otherwise. Also, it is
applicable whether such dividend is
paid out of current profits or
accumulated profits.

The tax shall be deposited within 14 days from the date of declaration, distribution or payment of
dividend, whichever is earliest. Failing to this deposition will require payment of stipulated interest for
every month of delay under Section115-P of the Act.

Rate of dividend distribution tax for the current financial year is 20.555% (Net)

SECURITIES TRANSACTION TAX (STT)

Securities Transaction Tax or turnover tax, as is generally known, is a tax that is leviable on taxable
securities transaction. STT is leviable on the taxable securities transactions with effect from 1st
October, 2004 as per the notification issued by the Central Government. The surcharge is not leviable
on the STT.

EQUALISATION LEVY

Action Plan 1 (Digital Economy) of the OECD’s BEPS project discussed several options to tackle
direct tax challenges in the digital environment. Taking cues from this, an equalisation levy is
available, the summary of which is as follows:

 Rate of levy: 6% of the amount of consideration for specified service.

 Meaning of ‘specified service’: Online advertisement, any provision for digital advertising
space, or any other facility or service for the purpose of online advertisement, which includes
any other service as may be notified by the Central Government in this regard.
 Applicability: Non-resident receiving consideration for specified services from:
o a person resident in India and carrying on business or profession, or
o a non-resident having a PE in India.

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10 Indian Tax System - An Overview

 Exemption from income tax: The income arising to the non-resident from the specified
service and chargeable to an equalisation levy will be exempt from income tax.
 Due date for deposit: 7th day of the following month.
 Non-applicability in specified cases: Equalisation levy will not be charged in the following
cases:
o the non-resident providing specified service has a PE in India and the specified
service is effectively connected with the PE
o the aggregate consideration received or receivable in the previous year by the non-
resident does not exceed INR 100,000, or
o the payment for the specified service by the Indian resident or PE is not for
conducting business or a profession in India.

Tax Rebates for Corporate Tax

The classical system of corporate taxation is followed in India

 Domestic companies are permitted to deduct dividends received from other domestic companies in
certain cases.

 Inter Company transactions are honoured if negotiated at arm's length.

 Special provisions apply to venture funds

and venture capital companies.

 Long-term capital gains have lower tax

incidence.

 There is no concept of thin capitalization.

 Liberal deductions are allowed for exports and the setting up on new industrial undertakings
under certain circumstances.

 There are liberal deductions for setting up enterprises engaged in developing, maintaining
and operating new infrastructure facilities and power-generating units.

 Business losses can be carried forward for eight years, and unabsorbed depreciation can be
carried indefinitely. No carry back is allowed.

 Dividends, interest and long-term capital gain income earned by an infrastructure fund or
company from investments in shares or long-term finance in enterprises carrying on the business of

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11 Indian Tax System - An Overview

developing, monitoring and operating specified infrastructure facilities or in units of mutual funds
involved with the infrastructure of power sector is proposed to be tax exempt.

CAPITAL GAINS TAX

A capital gain is income derived from the
sale of an investment. A capital investment
can be a home, a farm, a ranch, a family
business, work of art etc. In most years
slightly less than half of taxable capital gains
are realized on the sale of corporate stock.

The capital gain is the difference between

the money received from selling the asset
and the price paid for it.

Capital gain also includes gain that arises on "transfer" (includes sale, exchange) of a capital asset
and is categorized into short-term gains and long-term gains.

The capital gains tax is different from almost all other forms of taxation in that it is a voluntary tax.
Since the tax is paid only when an asset is sold, taxpayers can legally avoid payment by holding on to
their assets--a phenomenon known as the "lock-in effect."

The scope of capital asset is being widened by including certain items held as personal effects such
as archaeological collections, drawings, paintings, sculptures or any work of art. Presently no capital
gain tax is payable in respect of transfer of personal effects as it does not fall in the definition of the
capital asset.

To restrict the misuse of this provision, the definition of capital asset is being widened to include those
personal effects such as archaeological collections, drawings, paintings, sculptures or any work of art.
Transfer of above items shall now attract capital gain tax the way jewellery attracts despite being
personal effect as on date.

Short Term and Long Term capital Gains

Gains arising on transfer of a capital asset held for not more than 24 months (12 months in the case
of a share held in a company or other security listed on recognised stock exchange in India or a unit
of a mutual fund) prior to its transfer are "short-term". Capital gains arising on transfer of capital asset
held for a period exceeding the aforesaid period are "long-term".

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12 Indian Tax System - An Overview

Capital Gain Tax Rates

Tax Type Stock and Equity based Mutual Funds

Individuals Non Residents Indians
Short Term Capital Gain (STCG) 15% 15%
Long Term Capital Gain (LTCG) 10% 10%
Other Capital Assets
Short Term Capital Gain (STCG) Based on Individual Tax Based on Individual Tax
Slabs Slabs
Long Term Capital Gain (LTCG) 20% Listed 20%
Unlisted 10%

DOUBLE TAXATION RELIEF

Double Taxation means taxation of the same income of a person in more than one country. This
results due to countries following different rules for income taxation.

There are two main rules of income taxation i.e.

a. Source of income rule and
b. Residence rule.

As per source of income rule, the income may be subject to tax in the country where the source of
such income exists (i.e. where the business establishment is situated or where the asset / property is
located) whether the income earner is a resident in that country or not.

On the other hand, the income earner may be taxed on the basis of the residential status in that
country. For example, if a person is resident of a country, he may have to pay tax on any income
earned outside that country as well.
Further, some countries may follow a mixture
of the above two rules. Thus, problem of
double taxation arises if a person is taxed in
respect of any income on the basis of source
of income rule in one country and on the
basis of residence in another country or on
the basis of mixture of above two rules.

In India, the liability under the Income Tax

Act arises on the basis of the residential
status of the assessee during the previous
year. In case the assessee is resident in
India, he also has to pay tax on the income, which accrues or arises outside India, and also received

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13 Indian Tax System - An Overview

outside India. The position in many other countries being also broadly similar, it frequently happens
that a person may be found to be a resident in more than one country or that the same item of his
income may be treated as accruing, arising or received in more than one country with the result that
the same item becomes liable to tax in more than one country.

Relief against such hardship can be provided mainly in two ways: (a) Bilateral relief, (b) Unilateral
relief.

Bilateral Relief
The Governments of two countries can enter into Double Taxation Avoidance Agreement (DTAA) to
provide relief against such Double Taxation, worked out on the basis of mutual agreement between
the two concerned sovereign states. This may be called a scheme of 'bilateral relief' as both
concerned powers agree as to the basis of the relief to be granted by either of them.

Unilateral relief
The above procedure for granting relief will not be sufficient to meet all cases. No country will be in a
position to arrive at such agreement with all the countries of the world for all time. The hardship of the
taxpayer however is a crippling one in all such cases. Some relief can be provided even in such cases
by home country irrespective of whether the other country concerned has any agreement with India or
has otherwise provided for any relief at all in respect of such double taxation. This relief is known as
unilateral relief.

Double Taxation Avoidance Agreement (DTAA)

India has signed various Double Taxation Avoidance Agreement with countries to provide tax relief.
 DTAA Comprehensive Agreements - (With respect to taxes on income)
 DTAA Limited Agreements – With respect to income of airlines/ merchant shipping
 Limited Multilateral Agreement
 DTAA Other Agreements/Double Taxation Relief Rules
 Specified Associations Agreement
 Tax Information Exchange Agreement (TIEA)

INDIRECT TAX
GOODS AND SERVICE TAX (GST)
Introduction of GST is a very significant step in the field of indirect tax reforms in India. By
amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-
stage taxes, it has mitigated the ill effects of cascading and pave the way for a common national
market.

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14 Indian Tax System - An Overview

GST is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on
input acquired for use in making the supply. It would apply to both goods and services in a
comprehensive manner, with exemptions restricted to a minimum.

In keeping with the federal

structure of India, GST in
India has been levied
concurrently by the Centre
(CGST) and the states
(SGST). Even though both
Central & State Government
are levying the base and
other essential design
features are common
between CGST and SGST
across SGSTs for individual
states. Both CGST and
SGST are levied on the
basis of the destination
principle. Thus, exports are zero-rated, and imports attract tax in the same manner as domestic goods
and services. Inter-state supplies within India would attract an Integrated GST (aggregate of CGST
and the SGST of the Destination State).

GST has been envisaged as an efficient tax system, neutral in its application and distribution
attractive.

The advantages of Indian GST are:

 Wider tax base, necessary for lowering tax rates and eliminating classification disputes

 Elimination of multiplicity of taxes and their cascading effects

 Rationalization of tax structure and simplification of compliance procedures

 Harmonization of center and state tax administrations, which would reduce duplication and
compliance costs

 Automation of compliance procedures to reduce errors and increase efficiency

GST has replaced most indirect taxes such as:

 Central Excise duty

 Duties of Excise (Medicinal and Toilet Preparations)
 Additional Duties of Excise (Goods of Special Importance)
 Additional Duties of Excise (Textiles and Textile Products)
 Additional Duties of Customs (commonly known as CVD)

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15 Indian Tax System - An Overview

 Special Additional Duty of Customs (SAD)

 Service Tax
 Central Surcharges and Cess so far as they relate to supply of goods and services
 State VAT
 Central Sales Tax
 Luxury Tax
 Entry Tax (all forms)
 Entertainment and Amusement Tax (except when levied by the local bodies)
 Taxes on advertisements
 Purchase Tax
 Taxes on lotteries, betting and gambling
 State Surcharges and Cesses so far as they relate to supply of goods and services

Tax Rates under GST

TYPE OF GOODS / SERVICES RATE OF TAX

All essential commodities 5%

General rate of Tax for other goods 12%

Services 18%

Demerit Goods / Luxurious Goods 28%

VALUE ADDED TAX (VAT)

VAT was a multi-stage tax on goods that was levied across various stages of production and supply
with credit given for tax paid at each stage of Value addition. From 1st July 2017 State level VAT is
limited to be imposed on liquor for human consumption.

EXCISE DUTY
Central Excise duty is an indirect tax levied on goods manufactured in India. Excisable goods have
been defined as those, which have been specified in the Central Excise Tariff Act as being subjected
to the duty of excise. With the implementation of GST from 1st July 2017, scope of excise duty is
limited to very few products which are not under the purview of GST, viz, High Speed Diesel,
Petroleum products.

There are three types of Central Excise duties collected in India namely:

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16 Indian Tax System - An Overview

Basic Excise Duty

This is the duty charged under section 3 of the Central Excises and Salt Act, 1944 on all excisable
goods other than salt which are produced or manufactured in India at the rates set forth in the
schedule to the Central Excise tariff Act, 1985.

Additional Duty of Excise

Section 3 of the Additional duties of Excise (goods of special importance) Act, 1957 authorizes the
levy and collection in respect of the goods described in the Schedule to this Act. This is levied in lieu
of sales Tax and shared between Central and State Governments. These are levied under different
enactments like medicinal and toilet preparations, sugar etc. and other industries development etc.

Special Excise Duty

As per the Section 37 of the Finance Act, 1978 Special excise Duty was attracted on all excisable
goods on which there is a levy of Basic excise Duty under the Central Excises and Salt Act,
1944.Since then each year the relevant provisions of the Finance Act specifies that the Special Excise
Duty shall be or shall not be levied and collected during the relevant financial year.

CUSTOMS DUTY
Custom or import
duties are levied by the
Central Government of
India on the goods
imported into India.
The rate at which
customs duty is
leviable on the goods
depends on the
classification of the
goods determined
under the Customs
Tariff. The Customs
Tariff is generally
aligned with the
Harmonised System of Nomenclature (HSN).

In line with aligning the customs duty and bringing it at par with the ASEAN level, government has
reduced the peak customs duty from 12.5 per cent to 10 per cent for all goods other than agriculture
products. However, the Central Government has the power to generally exempt goods of any
specified description from the whole or any part of duties of customs liveable thereon. In addition,
preferential/concessional rates of duty are also available under the various Trade Agreements.

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17 Indian Tax System - An Overview

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