Indian TAX(onomy)

This post is rather inspired from the new project I am into.. India Localization... :)
not out of my own interests in the Indian Taxation system by any means... :D

Was jus going thru some user guides and scripts that handheld me to the world of Indian taxes... i jus got queer and wanted to know more of it... jus to atleast get a gist of wat all taxes i pay or have to pay to keep myself alive as an Indian... :)

Presenting u a list of taxes in India... (I hope Pranab or PC reads this and gets happy abt my small research and offer me a job in RBI or the PMO.... u know brilli i am... :D )

Taxes from the Central Governments...

First let me list out the direct taxes ( i swear i donno why they named it so.. )

1. Taxes on Corporate Income - Domestic corporations are subject to tax at a basic rate of 35% and a 2.5% surcharge. Foreign corporations have a basic tax rate of 40% and a 2.5% surcharge.

[i can see ur oath to bcum an entrepeneur one day melting away... :) ]

2. Capital Gains Tax - Tax on capital gains from the sale of an asset. This is also classified into Short term Capital gains (less than a yr.) and long term capital gains (more than a yr.)

Long term @ 20% and short term @ 10%

[ now u must be saying to urself.. stop investing in MF, stocks, buying and selling plots/flats]

3. Income tax - I know i need not say anythin abt this as we all know... it is the driving force behind our annual savings from our salary.... ;D [ i can see many heads nodding true.. true.. ]

Now u pay taxes without ur knowledge too.. n i presume tats why they named it indirect taxes... ....lol...

1. Excise duty - This on purchase of goods/services from within the country.... this is a part of all the products MRP tat u buy from ur supermarket...

2. Customs duty - Planning to buy an iPhone, music system, a Ferrari, or a French wine cellar imported to ur home..get ready to pay this buddy...

3. Service tax - This item is there in every bill that u have... appliances...mobile.. groceries.. laundry.. :D 10%.. on this u have 2% education cess.. and 1% Higher education cess too....

4. Securities Transaction Tax - Do u deal with equity, shares, derviatives, bonds? Awesome.. pay this on ur tranactions dear... (now who said equity created wealth? :D)

5. Sales Tax - On movable goods... like tobacco, liquor, gold, petrol... now called cutely as VAT...

Picture abhi baaki hai mere dost....

1. Stamp duty on transfer of assets
2. Property tax
3. Road tax (but no good roads)
4. Water tax (water.. what is it? )
5. Agriculture income tax (Poor farmer.. )
6. Luxury tax( pay tax luxuriously... )
7. Gift tax (will they bill my teddy bear too.... it was a gift.. )
8. Wealth tax - Stop dreams of bcumin rich buddie.... why pay tax ?
9. Entertainment tax - already a part of ur movie tickets n mall purchases....

now into my world of wild imagination........ :)

1. Diaper tax - Population is going out of control.. With more than 50% of youth population in the country.. the govt may intend to propose this.. and make money out of wat will be the best seller :D

2. Mortality tax - or death tax i wud call it simply.. the govt says.. "Oh citizen! u r dead n i wil miss u.. coz u wil not be eligible for any more tax payments.. so plz pay me this one last time deary...May ur soul rest in peace..."