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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.
What are the tax implications for Indian nationals working in the US on an H1B visa under the India-US tax treaty?
Indian nationals working in the US on an H1B visa are subject to US taxes on their income earned in the US. However, under the India-US tax treaty, they may be able to claim certain benefits such as avoiding double taxation and claiming tax credits. It is important for them to understand the specific provisions of the treaty and consult with a tax professional to ensure compliance with both US and Indian tax laws.
What are the tax implications for an Indian citizen working in the US?
An Indian citizen working in the US may be subject to US federal and state income taxes on their earnings. They may also have to report their income to the Indian government and pay taxes in India, depending on their residency status and the tax laws of both countries. It is important for them to understand the tax treaties between the US and India to determine how their income will be taxed and if they are eligible for any tax benefits or credits. Consulting with a tax professional who is knowledgeable about international tax laws is recommended to ensure compliance with both countries' tax regulations.
Does Canada have a double tax treaty with India?
yes. you dont have to pay double tax
What is the process for obtaining a foreign tax identifying number in India?
To obtain a foreign tax identifying number in India, a non-resident individual or entity must submit an application to the Indian tax authorities along with required documents such as proof of identity, address, and tax residency. The application is typically processed by the Income Tax Department in India, and upon approval, the foreign tax identifying number is issued to the applicant for tax purposes.
What is presumptive tax?
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?
The tax system in India is categorized as moderate. The top rate for the individual tax category is 30%, however because of a surcharge, the tax rate comes to 33%. Corporate income tax, comes higher than many other countries, with the highest rates hitting 30% also including the 10% surcharge totaling 33%. Besides these main taxes, there are also other taxes in india such as dividend tax, property tax and taxes on insurance contracts.
What is service tax in India?
The Service Tax in India is an indirect tax on all services, although there are some exclusions. In 2015, it was increased to 14%.
Who is responsible for Income tax in India?
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.
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)
What is local body tax?
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
How does the UK tax system different from the Sierra Leone tax system.?
briefly explain the tax system of Sierra Leone
