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abhishreshthaa
Abhijeet S
Hi Friends,
Can anybody help me out in getting short details related to 2010 VAT, Service Tax, Professional Tax & Income Tax...(short notes) Just to understand the rules..
210 VAT :
On 1 January 2010 a series of significant changes to EU VAT legislation will be launched. These changes are better known as the VAT Package.
Such a major initiative has not taken place since 1993 and this new VAT package will affect all businesses rendering or receiving services (both to/from third parties as well as inter-company) in a cross border context.
Member States need to amend their local legislation to include the new rules before year-end. In Belgium, draft legislation implementing the new rules of the VAT package has been published in September 2009. Detailed guidance from the tax authorities is expected later in the year. In the coming weeks and months businesses face the major task of adapting their existing systems and processes to ensure that by 1 January 2010 they are able to cope with the new guidelines. The main changes concern (1) the introduction of a set of new rules determining where services are taxed and (2) increased reporting requirements.
Service Tax:
http://www.servicetax.gov.in/
Income Tax:
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).
Professional Tax:
http://www.tn.gov.in/dtp/professional-tax.htm