Every taxation system requires assessment. So does the Income Tax Laws of India. Assessment simply means determination of Tax. This tax is determined as per Taxation laws existing in that particular Assessment Year. What constitutes income is a very dynamic concept – as that is determined through mix of legislation, court judgement, custom, business practice [...]
Archive of posts filed under the Tax category.
Fringe Benefit Tax
Fringe Benefits are the benefits that are enjoyed by the people working in the organisation, without getting directly accountable for the benefits enjoyed. For example, it may have happened that you have gone to your Dad’s office, and decided that you need to make a telephone call to your friend; or how many times you [...]
The 0.1 Percent Deal
Recently in the Budget Proposals for FY 2005-06 the Union Finance Minister of India, Mr. P. Chidambaram, made one of the proposals relating to putting a tax of 0.1 percent for any cash withdrawal over Rs. Ten Thousand from ones bank account on a single day (ie. tax of Rs. 10/- on withdrawing cash of [...]
