concept of taxation

In addition, some countries are outsourcing the administration of customs duties.). To term any income as agricultural income, it is necessary that income must be the result of agricultural operations performed on agricultural land. The Assessment Year is the Financial Year of the Govt. (iii) Every person who is deemed to be an assessee in default under any provisions of this Act. Get kids back-to-school ready with Expedition: Learn! Another way to avoid double taxation is to structure your corporation as something other than a corporation so that the tax on the net income of the business is passed through to the owners. gst. tax concept’s representation for deferment of section 16(2) of the cgst act, 2017 due to covid-19 pandemic. As an example, say ABC Corporation realizes profits of $1 million. to determine the amount of refund due to him or to such other person., Goregaon Study Circle - Non-Resident Taxation - 17.01.2016, No public clipboards found for this slide. Indeed, in many developed countries, payroll taxes rival or surpass the individual income tax as a source of revenue. Such contribution is received by any university or other educational institutions or hospital. Income of Mr. Ram ( age : 25 years) is less than Rs.1,50,000 for the assessment year 2009-10. Taxation is the mandatory confiscation of goods or services from a person or organization within a government's jurisdiction by the government. Mr. You is employed by XYZ Ltd. Local Authorities like, Panchayats, Municipal Corporation etc. Now customize the name of a clipboard to store your clips. Mr. You owns a House Property.

Definition of taxation: A means by which governments finance their expenditure by imposing charges on citizens and corporate entities. It is not surprising, therefore, that the first direct levies were head and land taxes. Income in Money or Money’s worth : The income may be in Cash or in kind. Tax Management is now an integral part of business management. Basic concepts of taxation in india 1. Any Special Allowance or Benefit : All type of special allowance are given/allow to the assessee to meet the expenses exclusively, wholly and necessarily for the duties he performed for the office or employment is treated as “Income”. Early Roman forms of taxation included consumption taxes, customs duties, and certain “direct” taxes. You also have the option to elect not to pay dividends if you're on the board of directors or you're the CEO of a corporation. Articles from Britannica Encyclopedias for elementary and high school students. X and Y who are legal heirs of Z ( Z died in 1995 and X and Y carry on his business without entering into partnership). U/s 14 the term “Gross Total Income” [ GTI ] means aggregate of incomes computed under the following Five heads : Income under the head “Profit and Gains of Business or Profession”. On scrutiny of accounts it was found that he has used 5,000 quintals of wheat produced in his own Farms and cost of this wheat has not been debited to P & L account. This Act has been amended by several amending Acts since 1961. On the recommendation of Law Commission & Direct Taxes Enquiry Committee and in consultation with Law Ministry a Bill was framed. On Dec, 15, 2008 it receives a sum of Rs.2 Lakh as voluntary contribution from a business house . The main indirect taxes were transit duties (a charge on goods that pass through a particular country) and market fees.


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