i have recently started my CA articles and i am having a hard time understanding the taxation subject. i am confused regarding various tax rates and slabs for different types of income and entities. can someone please help me by explaining the basics in a simple way?
Taxation can be complicated but the basics are – there are mainly two types of taxes – direct and indirect. For CA course, focus on direct taxes like income tax and corporate tax. Income tax has different rates – from 0% to 30% – based on income slabs. For corporate tax, the main rate is 30%.
Starting your own business in trading, export-import or retail is also a good option if you want more flexibility and independence. But it requires good capital, connections and risk taking ability. You may have to work very long hours initially.
Working as bank clerk or probationary officer (PO) in nationalized banks is a stable but less lucrative option. You get job security and good benefits but salaries are lower compared to other options. Promotions are slow in banks.
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