Normally, a comapny is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. There were large number of companies who had book profits as per their profit and loss account but were not paying any tax because income computed as per provisions of the income tax act was either nil or negative or insignificant. In such case, although the companies were showing book profits and declaring dividends to the shareholders, they were not paying any income tax. These companies are popularly known as Zero Tax companies. Inorder to bring such companies under the income tax act net, section 115JA was introduced w.e.f assessment year 1997-98.
According to this section, if the taxable income of a company computed under this Act, in respect of previous year 1996-97 and onwards is less than 30 % of its book profits, the total income of such company is chargeable to tax for the relevant previous year shall be deemed to an amount equal to 30 % of such book profits.
A new tax credit scheme is introduced by which MAT paid can be carried forward for set-off against regular tax payable during the subsequent five year period subject to certain conditions, as under:-
The Finace Act 2005, introduced from FY 2006-07, Section 115JB that provides if the tax payable on the total income as computed under the Income-tax Act in respect of any previous year relevant to the assessment year commencing on or after April 1 2001, is less than 7.5% of its book profit, such book profit shall be deemed to be the total income of the assessee and the tax payable for the relevant previous year shall be 7.5% of such book profit.
Budget 2010-11 MAT u/s 115JB has been increased to 18%
The revenue received by the govt. of india from all its resouerces is know as Public Revenue. There are twi types of revenues:- 1) Tax Revenue 2) Non-Tax revenue - sub-types a) Commerrcial Revenue b)Fee etc..
In the 19th century the minimum wages was paid mostly in kind. There was not much activity using the money. Materials were purchased and sold on barter basis. If it has to valued in terms of money, the minimum wages in India, could have ranged at quarter rupee.
India is important for international trade due to these reasons:Indian economy provide free tax zone for the industrialistProvide securityFully help provide to foreign investors
1) It is levied on production or manufacture of goods in india. 2) the burden of this tax falls on the consumer. 3)the tax is levied on d dutiable value calculated by the general or specific method. 4)it is payable when goods are removed from the place of removal. 5)it is levied through out india in the same form.
The central excise duty refers to an indirect tax which is levied on goods manufactured in India. These are the goods which are meant for consumption at home.
The alternate minimum tax was introduced in an attempt by Congress to ensure that higher income taxpayers paid their "fair share" of taxes, i.e., a higher percentage irrespective of many deductions otherwise available.
900000 Rupees is the minimum salary of a marine engineer in India.
Which is the area of in india which consider as maximum forest area and minimum forest area 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%.
Hans Peter Olsen has written: 'Minimum tax--items of tax preference' -- subject(s): Income tax, Law and legislation 'Minimum tax--items of tax preferance' -- subject(s): Income tax, Law and legislation
Alternative Minimum Tax
the minimum wages for india it is ind 7,000 (~us $92.30) per year
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.
Income Tax
In india service tax is collected by CBEC (central board of excise and customs)
what is service tax no. of state bank of india hingna branch
minimum salary in ltd co. in india