Other Taxes

sahilkakwani on August 29th, 2012

A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax. There is usually a list of exemptions. The tax can be included in the price or added at the point of sale. Ideally, […]

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sahilkakwani on August 29th, 2012

 Consumption tax is a tax on spending on goods and services. The tax base of such a tax is the money spent on consumption. Consumption taxes are usually indirect, such as a sales tax or a value added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as an expenditure tax. Consumption tax is applicable on the […]

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sahilkakwani on August 29th, 2012

Entertainment tax is a tax on entertainment. In India, entertainment tax is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals. As per the Indian Constitution, entertainment is included in List 2. This revenue is reserved primarily for the state governments. Following are […]

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sahilkakwani on August 29th, 2012

Gift Tax in India Gift tax is history, or rather, was history. Financial act 1998 had deleted gift tax act w.e.f.1.10.98. Consequently, all gifts made on or after 1.10.98 are free from gift tax. Neither the donor nor the donee would have to pay any tax. Financial act 2004 has revived it partially, but it […]

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sahilkakwani on August 13th, 2012

 About Property tax Property tax is the principal source of revenue of urban local bodies/local municipal authorities to upkeep the basic civic services in the city. And studies shows that the property tax base in developing countries especially like India, has been declining due to administrative and procedural inadequacies and lack of proper information regarding […]

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sahilkakwani on July 23rd, 2012

The VAT began life in the more developed countries of Europe and Latin America but, over the past 25 years, has been adopted by a vast number of developing and transition countries. Ever since the introduction of new economic policies of LPG (Liberalization, Privatization, Globalization) in India under Narasimha Rao’s government, the debate regarding the […]

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admin on November 19th, 2011

MINIMUM ALTERNATE TAX (MAT) In India, in the case of companies, if the tax payable on their taxable income for any assessment year is less than 18.54% of their ‘book profit’(if book profit does not exceed Rs 10 m),or 19.9305% of book profit (if book profit exceeds Rs 10 m), an amount equal to 18.54% […]

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admin on November 19th, 2011

DIVIDEND DISTRIBUTION TAX – In India, domestic companies that declare, distribute or pay dividends are subject to dividend distribution tax at 16.61% on the amount of such dividends. However, income distributed by a specified company or mutual fund is taxable at differential rates as follows: • Income distributed from the Money market/liquid funds is taxable […]

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admin on September 17th, 2011

TONNAGE TAX FOR SHIPPING INDUSTRY The tonnage tax scheme for eligible shipping companies (dredgers included) was introduced in India with effect from 2005/06 and provides for a tonnage-based presumptive tax. Indian shipping companies now have the option to pay taxes on tonnage income in place of normal taxable income. There is a lock in period […]

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