UPSC Aspirant 2025-26

Direct Tax These types of taxes are directly paid to the government of India by individual/entity Types of Direct Taxes in India A. Income Tax This tax is well known in India. This tax is paid by the taxpayer whose income exceeds the taxable limit. The taxpayers have to pay tax on applicable rates. As per income tax rate for F.Y 2018-19, we do not have to pay income tax if your income is up to INR 2,50,000. But if your earning exceeds 2.5 lakhs then you have to pay 5% tax as income tax up to INR 5 lakhs of Income. Rebate of 2500/- is available for total income up to 3.5 lacs. B.Capital Gains Tax Capital gain tax is the tax that has to be borne by the individual/entity at the time of sale of any capital asset for instance property, shares, bonds and valuable material etc . It is levied on the difference between sale price and purchase cost (or indexed cost). Capital gain can be long term or short term on the basis of holding period of the capital assets. For instance, for immovable property, if holding period is greater than 24 months then it will be treated as long term capital gain. Tax rate for short term and long term capital gain differs based on their nature. C. Securities Transaction Tax Securities transaction tax (STT) was introduced in the 2004 Union Budget and came into effect from 1 October 2004.The basic motive behind introduction of Securities transaction tax (STT) was to curb curb evading of taxes on profits from capital gains earned by transacting in securities. This tax is levied at the time of purchase and sale of securities listed on stock exchanges in India. The rate of STT differs based on the type of security traded and whether the transaction is a purchase or a sale. D. Fringe Benefit Tax Tax paid on fringe benefits provided by the company to employees. This is separate to income tax and is calculated on the taxable value of the fringe benefits provided. E. Corporate Tax Corporate tax also called corporation tax is levied on the income of corporate bodies of our country. In India, the taxation companies are divided into international and domestic companies.

It is clarified that candidates, who have submitted the requisite Income & Asset Certificate signed by the Naib Tehsildar / authority equivalent to Naib Tehsildar and issued not later than the closing date of the application for Civil Services (Preliminary) Examination- 2023, may submit a copy of the same Income & Asset Certificate duly counter signed by the Tehsildar / the Competent Authority, even after the closing date, to the Commission up to 28th March, 2024, only, in order for their claims to be considered for the Civil Services Examination-2023.” . For EWS.

It is clarified that candidates, who have submitted the requisite Income & Asset Certificate signed by the Naib Tehsildar / authority equivalent to Naib Tehsildar and issued not later than the closing date of the application for Civil Services (Preliminary) Examination- 2023, may submit a copy of the same Income & Asset Certificate duly counter signed by the Tehsildar / the Competent Authority, even after the closing date, to the Commission up to 28th March, 2024, only, in order for their claims to be considered for the Civil Services Examination-2023.” . For EWS.