Income Tax Website India
August 4th, 2006
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Question: What taxes does an avg citizen pay in India?
You obviously have tax on income…since most try to hide their income under mattresses, it must be high.
do you pay sales tax on purchases, what about tax when you buy a house?
what percentage taxes do you pay, is there a website I can go to find this out?
Answer: When you file a return to the IT office, your tax consultant tells you how much tax you have to pay. You are supposed to pay the tax before you file your return. If you are employed, your employer cuts the IT and remits it to the IT Dept. If you are a self employed person you are supposed to divulge your income and pay legitimate tax. Generally one has to pay anything between 25% to 30% of his income as tax.
Fiscal deficit up by 73% till Nov
The fiscal deficit rose by 73% to Rs 3.06 lakh crore in the first eight months of the fiscal against Rs 1.77 lakh crore a year ago, as the government cut taxes and stepped up expenditure to stimulate the economy hit by the global financial crisis.
Cap&Tax: The China-India Economic Stimulus Act of 2008 [1]
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