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Presumptive tax assumes that organisation is making profit. And this profit is then taxed by a fixed percentage.
The tax is generally used to put some specific businesses under tax net e.g. diamond business, business which provide labour for hire, transport business etc..
The tax is levied because most of these businesses show FAKE losses in their balance sheets.
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What kind of payment system used in Cambodia like RTGS and NEFT in India?
The payment system used in Cambodia like RTGS and NEFT in India is Patent Tax and Stamps.
Does Canada have a double tax treaty with India?
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Tax deducted at source (TDS) is a form of tax collection in India used on income assessments. The tax paid is on earnings for the past year.
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a tax system that takes a larger proportion of income from high-income people than from low-income people
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Presumptive tax is a way of applying a tax using indirect methods. These methods may be income reconstruction, or other methods. This is a good way to ensure the tax is not avoided.
What is a TAX payer's identification number in India?
It would be the same as for any other country. Each person liable to pay tax in India will be issued with a unique number, by means of which the tax system of India can identify the individual and track that individuals tax liability and payments over their lifetime.
What kind of payment system used in Cambodia like RTGS and NEFT in India?
The payment system used in Cambodia like RTGS and NEFT in India is Patent Tax and Stamps.
What is the sale tax rate in India?
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The Service Tax in India is an indirect tax on all services, although there are some exclusions. In 2015, it was increased to 14%.
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All persons residing in India are responsible for paying Income tax on monies earned. Dollars earned from agriculture are tax exempt. This is imposed by the Government of India.
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State Bank of India Service Tax Registration No?
what is service tax no. of state bank of india hingna branch
Who collects the service tax in India?
In india service tax is collected by CBEC (central board of excise and customs)
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Local Body Tax is a tax charged in India. This tax is a price charged for bringing goods into a local area for consumption, use or sale. The tax is paid to the civic bodies in India.
Who introduced income tax in India?
James wilson in India..
How does the UK tax system different from the Sierra Leone tax system?
briefly explain the tax system of Sierra Leone
