tax

Steps in Tax Planning India: There are three steps in Tax Planning India which would aid a person in making prudent tax plans to reduce their income tax liability and ensure a better tomorrow by making compulsory savings by investing in safe government schemes. These three steps in tax...

Definition: Considering the tax implications of individual or business decisions throughout the year, usually with the goal of minimizing the tax liability. Tax Planning in India is a basic duty of every person paying income tax, which should be followed diligently. Tax planning in India...

In the current business environment tax planning has relevance for all individuals including the people dealing in shares, house property, salaried, business owners and also income from other sources. Why tax planning is necessary for the salaried employees? This question is the headache of...

Every individual who falls in the taxable bracket has a tax liability. There was a time when , personal income tax was as high as 97.5% and wealth tax was 12%. But now the taxation scenario has changed. People are more willing to pay taxes. They are ready to follow the rules and regulations as...

The Payment of Tax. Payments that are required to be made by any person or dealer 1. Tax (Sales tax or Purchase tax) 2. Interest payable under the act 3. Penalty or fine 4. Amount collected in violation of the and forfeited 5. Fees These payments should be made in government treasury...

The Payment of Tax. Payments that are required to be made by any person or dealer 1. Tax (Sales tax or Purchase tax) 2. Interest payable under the act 3. Penalty or fine 4. Amount collected in violation of the and forfeited 5. Fees These payments should be made in government...

OUTPUT TAX It is tax on the sale of goods in the state and payable according to the provisions of the state law. It does not include any tax payable on: • On any sale outside the state; or • On any interstate sale. INPUT TAX Sales tax paid on the purchase of goods...

Who is liable to pay tax? The following dealers or persons are liable to pay tax on sale or purchase of goods: • Every dealer registered under any earlier law • Every dealer whose turnover exceeds the prescribed limits • Any mercantile agent, like factor, broker...

Rate of Tax: - The declared goods are those goods considered to be for special importance under the provision of CST act. The rate of tax is governed by CST act. Accordingly it would be 4%. It can be taxed at more than one point of sale. This is permitted, pursuant to the amendment in CST...

Tax free goods, means goods, prescribed rate of tax of which is nil in the schedule. Taxable goods mean goods other than tax-free goods. Declared goods mean goods of special importance in interstate trade as defined by section14 of CST act. Are goods listed in the act? What is the basis...

SALES TAX /OUTPUT TAX Sales tax is a tax which is payable on sales of goods. It covers al types of sales, normal, deemed sales, that is: Transfer of property in goods, in terms of Sale of Goods Act (normal sale) Work Contract Lease Hire purchase, installments, etc. Any dealer engaged...

Nature Of Value Added Tax. In VAT system, the first seller will pay the first point tax and subsequent sellers will pay tax only on the value addition done by them – resulting into a total tax burden usually equal to the last point tax. The tax will be charged on sale and purchase of goods...

This White Paper is a result of collective efforts of all the States in formulating the basic design of the State-level Value Added Tax (VAT) through repeated and candid discussions in the Empowered Committee of State Finance Ministers. The State-level VAT, as elaborated in this White Paper...

FRINGE BENEFIT TAX If the benefit is fully attributable to an employee, it is taxed in the hands of the employee, where the benefits are usually enjoyed collectively by the employees and cannot be attributed to individual employees, they shall be taxed in the hands of the employer and...

Tax incentives for venture capital In September 1995, Government of India issued guidelines for overseas venture capital investment in India whereas the CBDT issued guidelines for tax exemption purposes. (The RBI governs the investment and flow of foreign currency in and out of India.) As a...

INCOME TAX For the purposes of the Income Tax Act, 1961, Venture capital fund means a fund operating under a trust deed, registered under the provisions of the Indian Registration Act, 1908 In order to encourage the development of venture capital funds, the Income Tax Act, 1961 exempts the...

Exceptions Where interest paid does not exceed Rs 5000 Paid to any banking company, any financial corporation, LIC,UTI,or any company or co-operative society carrying on the business of insurance, such other institution, association or body or class of institutions, associations or bodies...

Government's decision to levy a green tax on all vehicles that are more than 15 years old, is a sly move to earn more revenue & has got liitle to do with pollution control. The aim was to curb vechicular pollution and to penalise the person responsible for pollution. Very little is done to...

I got to know about the following : Do we know how true is this and where can we get this. =additional savings of Rs.20,000/- is available on infrastructure bonds to avail tax benefits as per new tax rules (over and above Rs.1 lac savings). Thanks, vvs

helo guys new to this forum aploded double taxation assignment hope this will be helpfull un understanding double taxation