India
Taxation in India
Recent forum posts
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Starting a new business in India
I run a UK business and my fellow Director is an Indian National (I am a British citizen).We now want to launch our company in India and I am struggling to make any progress with the Indian High Commission. Can anyone help me with the process. I have twice visited the commission in London and wasted hours of time due to their complete lack of organisation.I will appreciate any help to make
Total Posts: 9 Last post by Mohammed020
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starting a business
Hi There!I was looking to bring in a skincare range from America to sell in UK, what legal procedures do I need to abide by? ie. licensinglaws, testing etc
Total Posts: 6 Last post by Jpm
Taxation in India
Income Tax
Resident taxpayers in India are taxed on their worldwide income. You will be accountable for Income tax, Agricultural Income Tax (imposed by individual states) and Interest tax. The latter applies to banking and financial business. Transaction taxes cover Central Sales Tax, Local Sales Tax (imposed by individual states), Customs Duty, Excise Duty, Stamp Duty, Gift Tax, Expenditure Tax, and Value Added Tax. Property and Wealth Tax also appear in India.
Income tax in India is progressive. Here is how much you pay determined by how much you earn:
0% on income between 1 and 200,000
10% on income between 200,001 and 500,000
20% on income between 500,001 and 1,000,00
30% on income of 1,000,01 and above
Corporate Tax
Limited companies in India are liable for tax at the rate of 30% for local companies and 40% for foreign companies.