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India

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About

India

Capital
Official languages
Population 
Currency

ISO 4217

New Delhi

Hindi and English

1,380,004,385 (as of July 2020)

Indian Rupee

INR

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Economy

India's economy has been growing steadily over the past few years. According to the World Bank, India's GDP grew by 6.1% in 2019, making it the fifth-largest economy in the world. India's GDP per capita also increased from $1,939 in 2018 to $2,104 in 2019. The country's unemployment rate decreased from 6.1% in 2018 to 5.8% in 2019. India's exports also increased from $331.2 billion in 2018 to $341.2 billion in 2019. The country's foreign direct investment (FDI) inflows also increased from $44.4 billion in 2018 to $49.9 billion in 2019. India's inflation rate decreased from 3.4% in 2018 to 3.2% in 2019. These figures demonstrate that India's economy is growing and is on track to become one of the world's leading economies.

Taxation

In India, both corporations and individuals are subject to income tax, goods and services tax (GST), and various other taxes and duties. Here is an overview of the tax system in India:


Corporate taxation:

- Corporate income tax is levied on the profits of companies at a rate of 25% for domestic companies and 40% for foreign companies, plus applicable surcharge and cess.

- Dividend payments made by Indian companies to shareholders are exempt from tax, but shareholders may be subject to tax on the dividends they receive depending on their individual tax bracket.

- Other taxes and duties that companies may be subject to include the minimum alternate tax, dividend distribution tax, and customs duty.


Personal taxation:

- Individuals in India are subject to personal income tax on their worldwide income at progressive rates ranging from 0% to 30%, plus applicable surcharge and cess.

- Social security contributions are also deducted from employees' gross salaries under the Employees' Provident Fund (EPF) and the Employees' State Insurance (ESI) schemes.

- Other taxes that individuals may be subject to include the wealth tax, property tax, and stamp duty.


Tax payment process and calendar:

- Indian taxpayers are required to file their tax returns annually by July 31st of the year following the tax year for individuals and September 30th for companies.

- The tax year in India is from April 1st to March 31st of the following year.

- Companies are required to pay corporate income tax in four instalments throughout the year, with the first three instalments due by the 15th day of June, September, and December, respectively, and the final instalment due by March 15th of the following year.

- Individuals may be required to pay advance tax if their tax liability for the year exceeds INR 10,000. Advance tax payments are made in four instalments throughout the year, with the first instalment due by June 15th, the second instalment due by September 15th, the third instalment due by December 15th, and the final instalment due by March 15th of the following year.

- Late tax payments are subject to penalties and interest charges.

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