The resulting tax rates turn out to be close to the GST tax slabs. The results also show that on both absolute and relative measures, for all the selected states considered here and for All-India, the optimal tax systems are progressive for two chosen values of the inequality aversion ...
The practice of VAT executed by State Governments is applied on each stage of sale, with a particular apparatus of credit for the input VAT paid. The VAT in India classified under the tax slabs are 0% for essential commodities, 1% on gold ingots and expensive stones, 4% on industrial inpu...
In this same case, If you ccan’tprove that this money was just a “reverse entry” , you can imagine the situation. Even if you were clean, the whole amount would be added to your income and you need to pay income tax based on your tax slabs on the ground of unaccounted income. ...
Speculative and non-speculative business income has to be added to all your other income (salary, other business income, bank interest, rental income, and others), and taxes paid according to the tax slab you fall in. You can refer to Chapter 1 for tax slabs as applicable for FY 2024-...
As the cutting of marble blocks into slabs and tiles does not amount to manufacture, deduction under section 80-IB cannot be allowed. Is the argument of department tenable in law ? (0) (4 marks) 2. (a) An assessee, who is aggrieved by all o...
Income tax Slabs The Income tax slab and rates applicable for the Financial Year (FY) 2013-14 and Assessment Year (AY) 2014-15 are mentioned below: 1. For Individual’s and HUF (Hindu Undivided Family) Income (in Rupees)Tax Percentage ...
In the absence of a comprehensive income tax base in India, where much of income escapes taxation, this can be done by greater reliance on commodity taxation. GST slabs and GST rates have to be fixed in accordance with the "many-person Ramsey rule" for commodity taxation that is based on...